Summary of Financial Results for Fiscal Period Ended June 30, 2021 (Infrastructure Fund)
Infrastructure Fund Issuer
S e c u r i t i e s C o d e
R e p r e s e n t a t i v e
Asset Management Company
R e p r e s e n t a t i v e
C

o

n

t

a

c

t

Scheduled filing date of securities
reportSupplementary materials forfinancial results
Financial results briefing session

August 13, 2021
L i s t e d S t o c k Tokyo Stock
Canadian Solar Infrastructure Fund, Inc.
E x c h a n g e Exchange
9284
URL
https://www.canadiansolarinfra.com/(Title)Executive Director(Name) Tetsuya Nakamura
Canadian Solar Asset Management K.K.
CEO and Representative(Title)(Name) Tetsuya Nakamura
Director(Title)Chief Financial Officer(Name) Hiroshi Yanagisawa
Tel.
03(6279)0311
Scheduled date ofcommencement of cash
distribution payment

September 29, 2021

September 15, 2021

YES
YES (For institutional investors and analysts)(Amounts are rounded down to million yen)
1. Status of Management and Assets for Fiscal Period Ended June 30, 2021 (from January 1, 2021 to June 30, 2021)(1) Management Status(Percentage figures are the rate of period-on-period change)
Operating revenues
Operating income
Ordinary income
Net income
Million yen%
Million yen%
Million yen%
Million yen%
Fiscal period ended
3,425
41.9
1,459
69.9
1,074
49.7
1,073
49.8
Jun. 2021
Fiscal period ended
2,413
3.5
858
2.1
717
3.5
716
3.5
Dec. 2020

yen

%

%

Ordinary profit tooperating revenue ratio
%

3,234

3.5

1.6

31.4

3,099

3.3

1.5

29.7

Profit per unit
Fiscal period ended
Jun. 2021
Fiscal period ended
Dec. 2020

Rate of return on equity

Ordinary profit
to total assets ratio(2) Status of Cash Distributions
Distributions per
Total
Total distributions
Distributions per
unit
Total
distributions(excluding
Distributions inunit (including(excluding
distributions in(including
distributions inexcess of
distributions in
distributions inexcess of
distributions inexcess of
earnings per unit
excess ofexcess of
earnings
excess of
earnings)
earnings)
earnings)
earnings)
Yen
Million yen
Yen
Million yen
Yen
Million yen
Fiscal period
ended Jun. 2021
Fiscal period
ended Dec. 2020

Payout ratio

Ratio ofdistributions to
net assets

%

%

2,776

1,073

924

357

3,700

1,430

100.0

2.8

3,099

716

601

138

3,700

855

100.0

3.3

(Note 1) The payout ratio is calculated according to the following formula.
Payout ratio = distributions per unit (excluding distributions in excess of earnings) / profit per unit x 100(Note 2) The payout ratio and the ratio of distributions to net assets are calculated based on the numerical data excluding
distributions in excess of earnings.
(Note 3) Total distributions in excess of earnings are all refunds of investments that constitute distributions on the decrease ofcapital contribution under the tax law.
(Note 4) The ratio of the decrease in net assets upon distributions in excess of earnings (refunds of investments that constitutedistributions on decrease of capital contribution under the tax law) is 0.004 for the fiscal period ended December 31,
2020 and 0.010 for the fiscal period ended June 30, 2021. In this regard, the ratio of the decrease in net assets is
calculated according to Item 4, Paragraph 1, Article 23 of the Ordinance for Enforcement of the Corporation Tax Act.

- 1 -(3) Financial Position
Total assets
Million yen

Net assets
Million yen

84,29949,052

Fiscal period ended
Jun. 2021
Fiscal period ended
Dec. 2020

Equity ratio

Net assets per unit%

yen

40,391

47.9

104,463

21,59244.0

93,397(4) Status of Cash Flows

Million yen

Million yen

Million yen

Cash and cash equivalents
at the end of the fiscal
periodMillion yen(877)(31,207)

33,867

4,611

1,508

(654)

(645)

2,828

Cash flows fromoperating activities
Fiscal period ended
Jun. 2021
Fiscal period ended
Dec. 2020

Cash flows frominvesting activities

Cash flows fromfinancing activities

2. Forecasts of Management Status for Fiscal Period Ending December 31, 2021 (from July 1, 2021 to December 31, 2021), Fiscal
Period Ending June 30, 2022 (from January 1, 2022 to June 30, 2022) and Fiscal Period Ending December 31, 2022 (from July 1,
2022 to December 31, 2022)(Percentage figures are the rate of period-on-period change)
Operating revenues Operating income

Fiscal period
ending Dec.
2021
Fiscal period
ending Jun.
2022
Fiscal period
ending Dec.
2022

Ordinary income

Distributions perunit (excluding
distributions inexcess of
earnings)

Net income

Distributions inexcess of earnings
per unit

Distributions perunit (including
distributions inexcess of
earnings)

Millionyen%

Millionyen%

Millionyen%

Million
yen

%

yen

yen

yen

3,740

9.2

1,471

0.8

1,246

16.0

1.245

16.1

3,222

528

3,750

3,704

(1.0)

1,391

(5.4)

1,174

(5.8)

1,173

(5.8)

3,036

714

3,750

3,722

0.5

1,405

1.0

1,187

1.1

1,187

1.1

3,070

680

3,750

(Reference)
Fiscal period ending December 31, 2021 (184 days): Forecast total number of investment units issued and outstanding at endof the period: 386,656 units, Forecast profit per unit: 3,222 yen
Fiscal period ending June 30, 2022 (181 days): Forecast total number of investment units issued and outstanding at end of
the period: 386,656 units, Forecast profit per unit: 3,036 yen
Fiscal period ending December 31, 2022 (184 days): Forecast total number of investment units issued and outstanding at endof the period: 386,656 units, Forecast profit per unit: 3,070 yen* Other(1) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement(i) Changes in accounting policies associated with amendments to accounting standards, etc.: No(ii) Changes in accounting policies other than (i):No
(iii) Changes in accounting estimates:No(iv) Retrospective restatement
No(2) Total number of investment units issued and outstanding(i) Total number of investment units issued and outstanding(including treasury units) at end of period

Fiscal period
Fiscal period
386,656
231,190
Jun. 2021
Dec. 2020
Fiscal period
Fiscal period(ii) Number of treasury units at end of period
00Jun. 2021
Dec. 2020(Note) For the number of investment units based on which profit per unit is calculated, please refer to “Notes on regarding
per unit information” on page 35 below.

* Summary of Financial Results is out of scope from the audit by chartered accountant or corporate auditor.

- 2 -

*

Explanation of Appropriate Use of Forecast of Management Status and Other Matters of Special Note
Forecast of management status and other forward-looking statements contained in this document are based on information that iscurrently available and certain assumptions that are deemed reasonable by Canadian Solar Infrastructure Fund. Accordingly, theactual management status, etc. may differ materially due to various factors. In addition, the forecast is not a guarantee of theamount of cash distributions. For details of the assumptions underlying the forecast of management status, please refer to“Assumptions Underlying Forecast of Management Status for Fiscal Period Ending December 31, 2021 (July 1, 2021 to December
31, 2021), Fiscal Period Ending June 30, 2022 (January 1, 2022 to June 30, 2022) and Fiscal Period Ending December 31, 2022
(July 1, 2022 to December 31, 2022),” described on or after page 12 below.

- 3 -1. Management Policy and Management Status(1) Management Status
I. Overview of the Fiscal Period under Review
a. Brief History of Canadian Solar Infrastructure Fund
Canadian Solar Infrastructure Fund, Inc. (hereinafter referred to as “CSIF”) was established on May 18, 2017 with money
invested of 150 million yen (1,500 units) by Canadian Solar Asset Management K.K. (hereafter referred to as the “AssetManager”) as the founder under the Act on Investment Trusts and Investment Corporations (Act No. 198 of 1951 including
subsequent amendments; hereinafter referred to as the “Investment Trusts Act”). Registration with the Kanto Local Finance
Bureau was completed on June 9, 2017 (registration number 127, filed with the Director of the Kanto Local Finance Bureau).
CSIF issued additional investment units (177,800 units) through a public offering on October 27, 2017, listed its investment
units on Tokyo Stock Exchange Inc.’s (hereinafter referred to as the “Tokyo Stock Exchange”) Infrastructure Fund Market on
October 30, 2017 (security code: 9284), and issued new investment units (2,890 units) through third-party allotment on
November 28, 2017.
In addition, CSIF issued new investment units (46,667 units) through public offering on September 5, 2018 and issued newinvestment units (2,333 units) through third-party allotment on October 4, 2018.
CSIF then issued new investment units (151,500 units) through public offering on March 5, 2021 and issued new investment
units (3,966 units) through third-party allotment on April 7, 2021. As a result, the total units issued at the end of the fiscal
period under review (as of June 30, 2021) were 386,656 units.
b. Investment Environment
Real GDP in January-March 2021 declined by 1.3% quarter on quarter (5.1% on an annualized basis), the first drop in threequarters. Although exports held up reasonably well, especially exports of capital goods and IT-related goods, consumer
spending dropped, particularly for services, following the declaration of a second state of emergency, and capital spending saw
a similar decline, reflecting a pause in demand in anticipation of the resumption of economic activity. Similarly, in the AprilJune 2021, consumer spending dropped for a second straight quarter due to the declaration of a state of emergency but strong
growth in capital expenditure and housing investment made up for the slump in consumption and, as of the date of this report,
real GDP is expected to grow 0.4% quarter on quarter (1.5% on an annualized basis), marking the first growth in two quarters.
On the stock market in Japan, the Nikkei Stock Average reached ¥30,084 on February 15, 2021, closing above the ¥30,000
mark for the first time in over 30 years since August 1990. In the US and Europe, COVID-19 vaccination programs were
gradually rolled out and expectations for economic recovery increased. As a result, real GDP growth for October-December
2020 surpassed expectations and this appears to have driven stock market gains. Despite occasional rallies in economicallysensitive stocks, fueled by hopes for a global economic recovery, the Japanese stock market seesawed, reflecting a rise in
COVID cases in Japan and speculation of a early QE taper in the US in addition to profit taking, and the Nikkei Stock Averageclosed at ¥28,791.53 on June 30.
After the TSE Infrastructure Fund Index fell to a record low of 1,125.83 points on February 2, the Infrastructure Fund
Market remained mostly robust, with the index reaching a record high of 1,201.71 on June 9. Whereas the Nikkei Stock
Average was influenced by the effects on the Japanese economy of the declaration of a third state of emergency, theInfrastructure Fund Market saw public offerings by six infrastructure funds in quick succession between August 2020 and
February 2021, and the TSE Infrastructure Fund Index closed at 1,179.55 at the end of June as the investment unit prices oflisted infrastructure funds held firm during January-June 2021, reflecting renewed interest in the high level of distribution
yields and growing investor interest in renewable energy amid Japan's decarbonization strategies.
"Output curtailment," which is implemented by an electricity transmission and distribution business operator (Note 1) toadjust the supply-demand balance, was implemented, with respect to “renewable energy power generation facilities” (Note 2)
held by CSIF, for one day in January, five days in February, 12 days in March, 21 days in April, 15 days in May and 3 days inJune, totaling 57 days during the period under review. The primary reasons for the considerable increase in frequency of output
curtailment compared with the previous fiscal period are that the No. 1 and No. 2 reactors at Sendai Nuclear Power Plant,
which were shut down on March 16, 2020 and May 20, 2020 respectively, to install anti-terrorism functions called facilities for
dealing with specific severe accidents, resumed power generation on November 19, 2020 and December 24, 2020 respectively,
and that the regular inspection of the No. 4 reactor at the Genkai Nuclear Power Plant started on December 19, 2020 was
completed on March 19, 2021 and the reactor resumed power generation on March 19, 2021.
Kyushu Electric Power Transmission and Distribution Co., Inc. revised its output curtailment operation procedures fromFY2021. When the number of days of output curtailment for a business operator subject to the old rule (Note 3) is expected to
exceed 30 days in any fiscal year, Kyushu Electric Power Transmission and Distribution Co., Inc. will now uniformly curtail(apply the same curtailment pattern (% curtailment of plant's rated output) to uniformly curtail by the hours and amount- 4 -necessary all business operators subject to the designated business operator rule (Note 3), whilst making full use of the
maximum 30 days’ output curtailment for business operators subject to the old rule.
Meanwhile, the Chugoku Electric Power Company, Inc. disclosed its "Basic Approach to Renewable Energy Output
Curtailment Operations" on its website on January 22, 2020.
According to Mizuho Securities Co., Ltd., power demand in April-June 2021 based on the statistics of the Organization for
Cross-regional Coordination of Transmission Operators (OCCTO) was higher than in April-June 2020 but was still not enoughto recover the ground lost in April-June 2019 versus April-June 2020. The region with the highest growth in power demand in
April-June 2021 was Chubu, followed by Chugoku, and then Okinawa. According to OCCTO's Electricity Supply-Demand
Outlook for Summer, every region is estimated to have a reserve margin of around 5.9% even in the event of the kind of heatwave that occurs once every 10 years, and the risk of a tight electricity supply is believed to be limited.
On October 26, 2020, at the 203rd extraordinary session of the Diet, Prime Minister Yoshihide Suga declared the goal ofachieving overall zero emissions of greenhouse gases by 2050, that is the creation of a carbon neutral, decarbonized society.
Since this declaration, activities for the realization of a decarbonized society have picked up pace, and with countries
announcing their targets for slashing greenhouse gas emissions at a global climate summit held in April 2021, Japan also set a
new 2030 reduction target of 46% compared with 2013 levels and announced that it would continue its challenge towards a
50% reduction. This represents a drastic increase from Japan's previous target of a 26% reduction.
Then, in June 2021, the Ministry of Economy, Trade and Industry published the FY2020 Annual Report on Energy (Japan's
Energy White Paper 2021). This report includes an analysis under the heading "Changes in the situation concerning energy" tothe effect that while more and more countries, including Japan, are declaring that they will become carbon neutral, privatesector enterprises are also stepping up initiatives for decarbonization, with an increase in ESG investment and diversificationof investment strategies in the financial services sector and an increasing number of non-financial corporations signing up to
the RE100 initiative or otherwise declaring that they will become carbon neutral. In some cases, companies are not only
reducing greenhouse gas emissions associated with their own energy consumption but are also seeking to reduce the carbon
footprint in their supply chains (and using carbon trading to achieve targets) and low-carbon energy access will affectcompetitiveness as a location for industry in the future (in competition between countries and competition between cities andregions). Under the heading "Path to becoming carbon neutral by 2050," the report also stresses that to realize a carbon neutral
society, it is necessary to pursue decarbonization through expansion of low carbon resources in the electricity sector andthrough electrification, use of hydrogen for heating where electrification is impossible, and capture and reuse of any remaining
CO2 (conversion to methane or synthetic fuel, etc.) in non-electricity sectors (industrial, consumer and transport sectors).
In February 2021, details (detailed design of FIP system, detailed design of system for nullifying approvals, reserve of
decommissioning costs for solar power generation facilities) of the amendment to the Act on Special Measures Concerning
Procurement of Electricity from Renewable Energy Sources by Electricity Utilities (hereinafter referred to as the "2020
Amendment to the Renewable Energy Special Measures Act") included in the Act to Partially Amend the Electricity BusinessAct and other Acts to Establish a Resilient and Sustainable Electricity Supply System (hereinafter referred to as the "Act for
Establishing Energy Supply Resilience"), which been examined so far by METI's various subcommittees and working groups,
were summarized and announced. For details of the risks which might arise as a result of such amendment, please refer to "I.
Fund Information, 1. Fund Status, 3. Investment Risks" in the most recent annual securities report (submitted on March 30,2021).
Given that the basic policy for the detailed design of a market-based FIP scheme is that the FIP scheme is a step towards
creating a renewable energy market which is FIT-independent, each constituent element of the FIP scheme is designed as anintermediate step away from the FIT scheme towards competition with other power sources under the same conditions.
However, since the photovoltaic power generation facilities, etc. owned by CSIF sell electricity under the FIT scheme and thiswill not change even after enactment of the 2020 Amendment to the Renewable Energy Special Measures Act, it is considered
unlikely that the purchase prices of the operational photovoltaic power generation facilities of CSIF will be affected.
As for the detailed design of the system for nullifying approvals, it was proposed that nullification decisions should be madebased on whether sufficient progress has been made at the point falling one year after the commercial operation date (COD)
deadline. However, since the photovoltaic power generation facilities, etc. owned by CSIF have already started sellingelectricity under the FIT scheme, even when the abovementioned system for nullifying approvals is introduced, certification of
the photovoltaic power generation facilities, etc. owned by CSIF will not be nullified as a result.
As for the system to ensure a reserve of decommissioning costs for solar power generation facilities (Note 4), (i) this will
apply to all FIT- and FIP-certified solar projects (includes multiple solar projects) of 10 kW or more. (ii) As for the reserve
method, the 2020 Amendment to the Renewable Energy Special Measures Act stipulates that certified solar project developers
must reserve the decommissioning costs externally at the Organization for Cross-regional Coordination of Transmission
Operators (OCCTO) through direct withholding of the required amounts from revenue, in principle. The 2020 Amendment to- 5 -the Renewable Energy Special Measures Act stipulates that such external reserves for FIT-certified projects should be madevia the utilities that are obliged to purchase the electricity. More specifically, it has been decided to design a system to enable
the offset of decommissioning cost reserves and purchasing costs between FIT-certified project developers and the utilities
obliged to purchase the electricity and the offset of decommissioning cost reserves and premiums between the utilities obliged
to purchase the electricity and the body implementing the system. (iii) As for the level of reserves and the unit price, theestimated decommissioning costs used to calculate the procurement price (in the case of the FIT scheme) and the reference
price (in the case of the FIP scheme) will be set according to capacity utilization factor on a per 1 kWh of electricity suppliedbasis. The 2020 Amendment to the Renewable Energy Special Measures Act stipulates that the decommissioning reserve baseprice (the amount to be reserved per 1 kWh of electricity supplied by the certified project developer) will be determined in linewith the opinion of the Procurement Price Calculation Committee, and the Procurement Price Calculation Committee
published its opinion on the decommissioning reserve base price in light of the foregoing in "Opinion on procurement price for
FY2021 (April 2021 to March 2022) and beyond" (released in January 2021). (iv) As for the timing and frequency of reserve
deposits, decommissioning costs must be reserved from 10 years prior to the end of the applicable procurement period or
period for which the premium will be granted and are to be deposited upon payment of the procurement price payment or the
granting of premiums (currently monthly). (v) Regarding the internal reserve of decommissioning costs, which is permitted in
exceptional cases, projects which satisfy stringent conditions in relation to long-term stable power generation and funding will
also be permitted to reserve decommissioning costs internally, in order to encourage long-term stable power generation
projects and minimize decommissioning due to replacement and suchlike. An entity reserving decommissioning costs
internally will be required to deposit them in a bank account which can only be used for specific purposes or record them infinancial statements audited by an accountant who is obliged to disclose information to financial instruments exchanges, and it
will also be required to secure them with insurance or a guarantee to increase the probability of funding decommissioning. (vi)
The mandatory reserve system will be introduced on July 1, 2022 and will gradually phased in according to the end date of the
procurement period or grant period of each project.
While not part of the amendments under the Act for Establishing Energy Supply Resilience, discussions on adjustments topower producer-side charges (previously referred to as "power producer-side base charges") in relation to FIT energy sourceswere resumed at the Subcommittee on the Large-volume Introduction of the Renewable Energy and Next Generation Electric
Network in May 2021.
Firstly, the figure indicated as the national average maximum amount payable per kWh of solar power produced due to theintroduction of kWh charges was 0.97 yen/kWh compared to 1.45 yen/kWh, as previously indicated.
It was further indicated that, in the case of projects that had already been approved, the pass-through of charges to retailelectric business operators (in the case of purchase by retail electric business operators) and equivalent adjustments (in the caseof purchase by electricity transmission and distribution business operators) would reduce the amount payable by an average of
0.5 yen and that the average amount payable in real terms would be 0.47 yen.
Adjustment of the amount still payable after pass-through in the case of approved projects involving purchase by retailelectric business operators was also discussed, taking the following patterns indicated by the secretariat into consideration.
However, it was decided that further deliberation was needed due to differing opinions on adjustment for solar power for
projects during the period under consideration for profit margin analysis.
Patterns of adjustment
A) Adjustment of total amount payable through surchargeB) Adjustment of part (0.25 yen/kWh) of amount payable through surcharge and payment of remainder by renewable energy
developerC) Payment of total amount payable by renewable energy developer
Finally, in relation to newly approved projects which will all involve purchase by electricity transmission and distribution
business operators, it was agreed to request that the Procurement Price Committee proceed with discussions on the assumptionthat the amount equivalent to the pass-through to electricity retail utilities (0.5 yen/kWh as a national average) needs to be
subject to adjustment.
CSIF will monitor the outcome of the discussions as these system changes could affect the assets owned by CSIF and any
renewable energy power generation facilities, etc. CSIF may acquire in the future.
(Note 1) For the purposes of this report, the term "electricity transmission and distribution business operator" collectively refers to a "generalelectricity transmission and distribution business operator" defined in Article 2, Paragraph 1, Item 9 of the Electricity Business Act and"specified electricity transmission and distribution business operator" defined in Article 2, Paragraph 1, Item 13 of the Electricity Business
Act.
(Note 2) For the purposes of this report, the term "renewable energy power generation facilities" refers to renewable energy power generation
facilities (excludes facilities which fall into the category of real estate) defined in Article 2, Paragraph 3 of the Act on Special Measures
Concerning Procurement of Electricity from Renewable Energy Sources by Electricity Utilities (Act No. 108 of 2011, including- 6 -subsequent amendments; hereinafter referred to as the Renewable Energy Special Measures Act). For the purposes of this report, the term"renewable energy power generation facilities, etc." collectively refers to renewable energy power generation facilities as well as realestate, real estate leases (includes subleases) or land lease rights (hereinafter referred to as the “site, etc.”) necessary to install, maintainand operate renewable energy power generation facilities. The same shall apply hereunder.
(Note 3) Even when a grid-connected business operator has implemented the preventive measures defined in the Ordinance for Enforcement of the
Act on Special Measures Concerning Procurement of Electricity from Renewable Energy Sources (METI Ordinance No. 46 of 2012,
including subsequent amendments), if the amount of electricity supplied by grid-connected business operators is expected to exceed
demand, output curtailment without compensation under the connection agreement may be required. The rule setting the maximum
number of days of such output curtailment at 30 days a year (360 hours a year in some cases) is referred to as the "old rule" and business
operators to which the old rule applies are referred to as "business operators subject to the old rule." The rule which allows designatedbusiness operators to request output curtailment without a time limit and without compensation targeting grid-connected power generation
facilities operated by business operators which applied for connection once additional applications were no longer being accepted without
curtailment of output in excess of the output curtailment limit under the old rule is referred to as the "designated business operator rule"and the business operators to which the designated business operator rule applies are referred to as "business operators subject to thedesignated business operator rule." The same shall apply hereunder.
(Note 4) The term “photovoltaic power generation facilities” refers to renewable energy power generation facilities that generate electricity using
sunlight as an energy source. The same shall apply hereunder. The term “photovoltaic power generation facilities” refers to photovoltaic
power generation facilities as well as their site, etc. The same shall apply hereunder.

c. Management Performance
During the previous fiscal period, CSIF acquired two facilities (total panel output (Note 1) of 3.3MW and total acquisition
price (Note 2) of ¥880 million) on September 28, 2020, by using borrowings and cash on hand. As a result, CSIF held aportfolio consisting of a total panel output of 123.0MW, a total acquisition price of ¥49,400 million and a total price (Note 3)of ¥49,400 million as of the end of the previous fiscal period. During the fiscal period under review, CSIF acquired two
facilities (total panel output of 60.9 MW and total acquisition price of ¥30,590 million) on March 8, 2021, using part of theproceeds from a public offering and borrowings. As a result, it held a portfolio consisting of 25 facilities with a total panel
output of 183.9 MW, a total acquisition price of ¥80,000 million, and a total price of ¥79,300 million as of the end of the fiscal
period under review and continued to be a large operator among listed infrastructure funds.
(Note 1) “Panel output” shall mean output calculated by multiplying rated output per solar cell module (meaning the maximum output stated in
specifications of solar cell module) used in each solar energy facility by the total number of panels. The same shall apply hereunder.
(Note 2) “Acquisition price” shall mean the sale and purchase price (excluding outsourcing service fees and other acquisition expenses related to theacquisition of assets, property-related taxes, urban planning taxes, consumption taxes and other fees and charges) described in the sale andpurchase agreement pertaining to each asset acquired. It shall be rounded down to the nearest ten million yen. The same shall apply
hereunder.
(Note 3) “Price” shall mean the total intermediate value calculated by CSIF pursuant to paragraph 1, Article 41 of its Articles of Incorporation, using
the appraised value as of December 31, 2020 and June 30, 2021, in the range stated in the valuation report obtained fromPricewaterhouseCoopers Sustainability LLC. for the renewable energy power generation facilities at power plants from S-01 through S18. The appraised value of renewable energy power generation facilities at power plants from S-19 through S-25 is the total appraisedvalue as of December 31, 2020 and June 30, 2021, stated as the median in the valuation report obtained from EY Strategy and Consulting
Co., Ltd.

d. Overview of Financing(a) Issuance of investment corporation bonds
On January 26, 2021, CSIF issued the 1st Unsecured Investment Corporation Bonds (Green Bonds) with a total issue
amount of ¥3,800 million. The estimated amount of net proceeds from the investment corporation bonds was applied in part tothe early repayment of borrowings of ¥981 million from Mizuho Bank, Ltd. on March 8, 2021 and in part to the early
repayment of borrowings of ¥623 million from Shinsei Bank, Limited on May 14, 2021, and was also applied in part to theearly repayment of borrowings of ¥4,249 million from a loan syndicate with Shinsei Bank, Limited as arranger and MUFG
Bank, Ltd. as co-arranger, together with part of the funds raised through the public offering described in "(b) Issuance of new
investment units and borrowing of funds" below.
(b) Issuance of new investment units and borrowing of funds
CSIF issued new investment units of ¥18,106 million by public offering with March 5, 2021 as the payment date andborrowed funds of ¥17,000 million yen from a loan syndicate with March 8, 2021 as the execution date from Shinsei Bank,
Limited, Sumitomo Mitsui Banking Corporation, and Mizuho Bank, Ltd., as arranger and MUFG Bank, Ltd. and Sumitomo
Mitsui Trust Bank, Limited, as co-arranger, 2,300 million yen from Shinsei Bank, Limited, Sumitomo Mitsui Bank, andMizuho Bank, Ltd. and used part of the funds raised through the issuance of new investment units together with the funds
raised through borrowing to finance the acquisition of two photovoltaic power generation facilities acquired in the fiscal period
under review and to pay related expenses.
- 7 -An outline of such issuance of new investment units through public offering is as follows.
(1) Number of new investment units offered: 151,500 units(2) Amount paid (issue amount): ¥119,517 per unit
(3) Total amount paid (total issue amount): ¥18,106,825,500(4) Issue price (offer price): ¥125,115 per unit
(5) Total issue price (total offer price): ¥18,954,922,500(6) Payment date: Friday, March 5, 2021
Part of the funds raised through the issuance of new investment units by public offering described above was combined withpart of the estimated amount of net proceeds from the 1st Unsecured Investment Corporate Bonds (Green Bonds) described in"(a) Issuance of investment corporation bonds" above and applied to the early repayment of borrowings of ¥4,249 million froma loan syndicate with Shinsei Bank, Limited as arranger and MUFG Bank, Ltd. as co-arranger on May 31, 2021.
CSIF also raised ¥474 million through the issuance of new investment units through third-party allotment resolved at thesame time as the issuance of new investment units described above. These funds will be kept as cash on hand and will be used
to partly fund acquisitions in the event of new asset acquisitions in the future and to partly fund the repayment of borrowings.
An overview of the issuance of new investment units through third-party allotment is as follows.
(1) Number of new investment units: 3,966 units(2) Amount paid (issue amount): ¥119,517 per unit
(3) Total amount paid (total issue amount): ¥474,004,422(4) Payment date: Wednesday, April 7, 2021(c) Other, status of borrowings, etc.
Due to a contractual repayment of ¥ 1,011million at the end of the period, together with the early repayment of borrowingsand new borrowing described in "(a) Issuance of investment corporation bonds" and "(b) Issuance of new investment units andborrowing of funds" described above, the amount of borrowings as of the end of the period under review came to ¥38,476million. Consequently, the ratio of interest-bearing debt to total assets (ratio of interest-bearing debt to total assets at theend of fiscal period) was 51.5%.
(d) Rating
CSIF received a bond rating for its First Unsecured Investment Corporation Bonds from the following rating agency.
Rating status of CSIF as of today
Rating Agency

Rating Subject

Japan Credit Rating Agency,(Specified investment corporation bonds with limited interLtd. (JCR)-bond pari passu clause and for qualified institutional

RatingRating Outlook

A-

RatingRating Outlook

A-

StableA

StableThe 1st Unsecured Investment Corporation Bond

investors only)
CSIF received a credit rating from the following rating agency
Rating status of CSIF as of today
Rating Agency

Rating Subject

Rating and Investment
Information, Inc. (R&I)
Japan Credit Rating Agency,

Long-term Issuer Rating

Ltd. (JCR)e. Overview of Business Performance and Distributions

As a result of the management described above, the business results in the fiscal period under review included operating
revenue of ¥3,425million, operating income of ¥1,459, ordinary income of ¥1,074, and net income of ¥1,073million.
Pursuant to the cash distribution policy set forth in Article 47, Paragraph 1 of its Articles of Incorporation, CSIF shall
distribute an amount in excess of the amount equivalent to 90% of its distributable earnings as defined in Article 67-15 of the
Act on Special Measures Concerning Taxation.
In addition, distributions in excess of earnings are calculated on the premise that such distributions will generally be made inaccordance with the cash distribution policy prescribed in CSIF’s Articles of Incorporation and the Asset Manager’s asset
management guidelines formulated as part of its internal regulations.
- 8 -CSIF intends to make cash distributions to its unitholders for each fiscal period from free cash flow (hereinafter referred toas “FCF”) generated by its renewable energy power generation facilities, in amounts determined in the following manner. The
amount available for distribution shall be calculated by multiplying FCF, that is net cash flow (hereinafter referred to as“NCF”; CSIF shall incorporate the total amount of NCF remaining after deducting distributions for the preceding fiscal periods
in calculating NCF) to be vested to equity investors after deducting FCF payable to debt investors, by a certain ratio(hereinafter referred to as “payout ratio”; the payout ratio for the 8th fiscal period is 92.3%) determined by CSIF in light of theamount of NCF for each fiscal period.
At the same time, CSIF intends to maintain a stable level of distributions for the time being. In determining the payout ratio
described above, CSIF will consider the forecast NCF for each fiscal period to realize that level of distributions.
In addition to a cash distribution within the range of profit, CSIF intends to make distributions in excess of earnings for eachfiscal period on a continuous basis in order to realize this policy.
In developing its performance forecast (including any revisions thereof) for each fiscal period, in the case where NCF
calculated from actual energy output in a fiscal period (hereinafter referred to as “actual NCF”; CSIF shall incorporate the total
amount of NCF remaining after deducting distributions for the preceding fiscal periods in calculating actual NCF) exceeds
NCF projected for the fiscal period (hereinafter referred to as “projected NCF”; CSIF shall incorporate the total amount of
NCF remaining after deducting distributions for the preceding fiscal periods in calculating projected NCF) on the basis of anenergy output value projected by professional specialists (P50) which forms the foundation for the calculation of rents withregard to the renewable energy power generation facilities, CSIF intends to limit the cash distribution to the amount ofprojected NCF multiplied by the payout ratio for said fiscal period.
On the other hand, in the case where actual NCF is equal to or below projected NCF, CSIF intends to make a cash
distribution for the fiscal period at the amount of actual NCF multiplied by the payout ratio.
Based on the above policy, CSIF decided to make a distribution for the fiscal period under review of ¥1,430,627,200,
equivalent to 91.4% of projected NCF for the period (¥1,564,321,798), of which distribution in excess of earnings is¥357,270,144after deducting dividends for the period of ¥1,073,357,056. Dividend per investment unit is ¥3,700 for the fiscal
period under review.
II. Outlook for the Next Fiscal Perioda. Outlook for the Future Management
When considering the outlook for the Japanese economy in the second half of FY2021, the status of COVID-19 control
measures needs to be kept in mind. Japan has been slow to roll out vaccinations compared with the United States and Europe
and, assuming that the pandemic drags on through 2021 at the every least, some degree of restriction on economic activity isinevitable. Provided vaccinations offer some level of protection against infectious variants, come 2022, the rollout ofvaccinations and other control measures are expected to drive momentum for self-sustaining recovery around the world
including Japan and the Japanese economy could recover at a rate exceeding its potential growth rate even if the Japanese
government gradually withdraws its financial support.
Although the Tokyo Olympics were held as planned, they were held without spectators and a degree of skepticism also need
to be maintained about the economic benefits of the games. Although the Paralympics are also expected to go ahead, these tooare expected to be held without spectators like the Olympics.
Some market analysts are concerned about the fallout for the incumbent administration after it went ahead with Tokyo
Olympics and Paralympics against strong public opposition. With public opinion polls also showing that support for the Sugaadministration has already fallen, some analysts expect the risk of political instability to increase ahead of the general election
because the government foisted the games on the Japanese people. The term of office of members of the House ofRepresentatives expires on October 21, 2021, and a general election must be held by autumn. The result of the 49th generalelection of members of the House of Representatives is also expected to affect the investment management environment.
With respect to the environment surrounding photovoltaic power generation facilities that are included in renewable energy
power generation facilities, as stated in “(I. Overview of the Fiscal Period under Review) b. Investment Environment” above,
the output curtailment that requires renewable energy power generation operators to temporarily suspend power generation
through photovoltaic power generation facilities, etc. was resumed in areas under the jurisdiction of Kyushu Electric Powerfrom October 2019. However, if renewable energy adoption continues to expand in the future, output curtailment may also be
implemented in other regions besides the Kyushu region such as the Tohoku region and the Chugoku region. Other energy
sources will also be affected by whether or not output is curtailed and, if so, for how many days. The latest developments
concerning the restart of nuclear power plants are as follows.
Residents in 11 prefectures, including Fukui Prefecture, filed a lawsuit against the government, claiming that the decision of
the Nuclear Regulation Authority that the earthquake resistance of Units No. 3 and No. 4 at the Oi Nuclear Power Plant (Oi,- 9 -Fukui Prefecture) of Kansai Electric Power Company conformed to the new standards was wrong. The Osaka District Court
ruled that the approval was illegal and rescinded the permission on December 4, 2020. The Osaka District Court stated that thedecision of the Nuclear Regulation Authority was an inexcusable mistake that resulted from the omission of necessary
examination based on the assumption of earthquake-level disasters. Meanwhile, the government was dissatisfied with thisruling of the Osaka District Court and appealed to the Osaka High Court on December 17, 2020, and an appeal hearing beganat the Osaka High Court on June 8, 2021.
Regarding provisional dispositions and litigation related to the prohibition of nuclear power plant operation, in a lawsuit inwhich residents living in the area surrounding Units No. 3 and No. 4 at Genkai Nuclear Power Plant (Genkai, Saga Prefecture)of Kyushu Electric Power Company sought an injunction to halt their operation, Saga District Court gave a ruling on March
12, 2021, rejecting the plaintiffs' demands. Also, in an opposition hearing requested by Shikoku Electric Power Company(hereinafter referred to as "Shikoku Electric"), which was dissatisfied with the Hiroshima High Court's decision in January
2020 to grant a provisional disposition order to suspend Unit No. 3 of Shikoku Electric's Ikata plant (Ikata, Ehime Prefecture),
the Hiroshima High Court accepted the objection and decided to revoke the provisional disposition on March 18, 2021 and it isreported that Shikoku Electric may resume operations at the end of October. Meanwhile, with respect to a request for an orderof provisional disposition by residents living in Fukui Prefecture seeking an injunction to halt the operation of the Mihama,
Takahama and Oi nuclear power plants (Fukui Prefecture) of Kansai Electric Power Company, Osaka District Court rejected
the request on March 17, 2021. Furthermore, a ruling on a lawsuit in which residents sought to halt the operation of the Tokai
No. 2 nuclear power plant (Tokai, Ibaraki Prefecture) of Japan Atomic Power Company was given by the Mito District Court
on March 18, 2021 and Japan Atomic Power Company was ordered to halt operation due to a lack of well-conceived
evacuation plans and a system to implement them.
Meanwhile, it was announced in August 2020 that all plans for the installation of anti-terrorism facilities known as facilities
for dealing with specific severe accidents in Units No. 3 and No. 4 of the Genkai Nuclear Power Plant (Genkai, Saga
Prefecture) had been approved by the Nuclear Regulation Authority. The deadlines for installation of facilities for dealing withspecific severe accidents at Genkai Nuclear Power Plant are August 24, 2022 for Unit No. 3 and September 13, 2022 for Unit
No. 4, and Kyushu Electric Power Company says that it will continue to work towards early completion, with safety as its firstpriority.
Because Prime Minister Yoshihide Suga declared the goal of achieving carbon neutrality (a decarbonized society) by 2050
(2050 Carbon Neutral Goal) at the 203rd extraordinary session of the Diet held on October 26, 2020, activities associated withthis goal have been progressed. At the meeting of the Committee on the Growth Strategy (9th meeting) held on April 12, 2021,"initiatives for becoming carbon neutral by 2050" were announced by the Ministry of the Environment (MoE). The MoE said
that Japan spends about ¥17 trillion yearly on fossil fuel imports and, according to MoE estimates, Japan's renewable energy
potential is up to double the amount of electricity supplied, and a change of thinking was needed to position renewable energy
as an "investment for future generations" rather than a "burden on the Japanese people." It concluded that "world-classinvestment is needed to be globally competitive" and that "government investment to prime global ESG investment (around¥3,000 trillion) is important to realize a decarbonization domino effect." It was decided to create a "regional decarbonization
roadmap" and to (i) implement nationwide priority measures that can be implemented with applicable advanced technologies
and (ii) create leading model cases (domino start) by 2025, to create as many decarbonization dominos as possible nationwide
by 2030, and to realize decarbonized, sustainable, resilient and vibrant regional communities by 2050. Meanwhile, theMinistry of Economy, Trade and Industry (METI) gave an update (interim report) on its consideration of "Green Growth
Strategy Through Achieving Carbon Neutrality in 2050." The report stated that "this year has been a game changer, withresearch and development policies and economic policies starting to shift. To accelerate this trend, Japan will give further
shape to these developments and further increase the possibility of realizing a carbon neutral society in 2050, including looking
to achieve the 2030 emissions reduction target. According to the report analysis, "(i) the essence of carbon neutral lies in thetransformation of behaviors of companies and people which will change society, and (ii) the transformation of behaviors willcause both providers and users of technology to change the way in which technologies are used and connected and will triggera spiral of innovation."
METI presented a rough draft of Japan's Sixth Strategic Energy Policy at 46th meeting of the Strategic Policy Committee
under the Advisory Committee for Natural Resources and Energy on July 21, 2021, in preparation to amend the Strategic
Energy Plan, which provides a medium-to-long term direction for Japan's energy policies. According to materials summarizing
the content, the rough draft indicates the direction of energy policies for achievement of carbon neutrality by 2050 (goaldeclared in October 2020) along with the new target of reducing greenhouse gas emissions by 46% by 2030 and trying to push
the reduction as high as 50% (targets declared in April 2021). It positioned "overcoming issues in Japan’s energy supply-anddemand structure" as an important theme and committed to maximizing efforts to realize Japan’s goal of “S+3E” (theconventional three E’s of energy security, economic efficiency, and environmental protection, plus safety).
- 10 -

The rough draft states that that a crucial part of energy policies for 2030 is to ensure, with “S+3E” as the basic premise, that
renewables become a major power source and to focus on renewables as an overriding principle, encouraging maximum
adoption whilst reducing the impact on Japanese people and seeking co-existence with local communities. It goes on to list as
specific initiatives (i) ensuring renewables are developed in the right places, coexisting with local communities, (ii) tightening
project discipline, (iii) reducing costs and integrating renewables into the energy market, (iv) overcoming grid constraints, (v)rationalizing regulation and (vi) promoting the development of technologies.
The ambitious new power-source composition for 2030 would be 36-38% for renewable energies (up from 22-24% in thecurrent projected mix), 20-22% for nuclear power (unchanged), 20% for LNG (down from 27%); 19% for coal (down from26%), and 2% for oil (down from 3%). The renewable energy mix would be 15% for solar power, 6% for wind power, 1% forgeothermal power, 10% for hydroelectric power, and 5 % for biomass.
Regarding producer-side charges, as described in “b. Investment Environment” under “I. Overview of the Fiscal Period
under Review” above, at a meeting of the Investment Subcommittee on the Large-volume Introduction of the Renewable
Energy and Next Generation Electric Network held in May 2021, discussions on adjustments for FIT energy sources wereresumed. Details of adjustments for projects which have already been approved are expected to be determined by the end of
FY2021, based on discussions with those concerned including photovoltaic power generation business operators.
As described in described in “b. Investment Environment” under “I. Overview of the Fiscal Period under Review” above,
details of the 2020 Amendment to the Renewable Energy Special Measures Act, such as the FIP system, system for nullifying
approvals and reserve of decommissioning costs for solar power generation facilities to be introduced under the Act, arecurrently under consideration in anticipation of enactment of the amended Act in April 2022.
b. Future Management Policy(i) External Growth Strategy
The Canadian Solar Group (Note 2), which is the Sponsor Group (Note 1) of CSIF, adopts the vertical integration model thathas developed mainly in the photovoltaic power generation market in Europe and America and applies this model in the global
market, including Japan. CSIF considers that mutual cooperation between the Group and CSIF (engaging in investment in andmanagement of photovoltaic power generation facilities) through the Sponsor Group based on the vertical integration modelfor the construction of the value chain with the aim of creating mutual value should lead to the enhancement of value forunitholders.
Specifically, CSIF intends to increase assets by utilizing the preferential trading negotiation right granted by the Sponsor
Group and acquiring photovoltaic power generation facilities, etc. whose value is high from the pipelines of the Sponsor. In
addition, CSIF will aim to acquire photovoltaic power generation facilities, etc. held by persons other than the Sponsor Groupby utilizing the Sponsor Group’s networks of brokers and power producers.
Meanwhile, Canadian Solar Inc., one of the world's largest solar power companies and CSIF's Sponsor, has partnered with
Macquarie Advisory & Capital Solutions (hereinafter referred to as "Macquarie"), the advisory and capital markets arm of theMacquarie Group ((ASX:MQG) to establish Japan Green Infrastructure Fund (hereinafter referred to as the "Fund"), which
will invest in renewable energy power generation facilities, etc., in Japan. The Fund has secured ¥22 billion of committed
capital from investors including Canadian Solar Inc. and Macquarie. This capital will be used to develop, build and accumulate
new renewable energy power generation facilities, etc. in Japan. The Fund aims to catalyze large-scale investments within its
six-year fund term. It will indirectly invest in renewable energy power generation facilities, etc. developed and operated by
Canadian Solar Inc., CSIF's Sponsor, by holding a silent partnership equity interest (hereinafter referred to as the "Silent
Partnership Equity Interest") in SPCs of the Sponsor Group which own said renewable energy power generation facilities, etc.
These renewable energy power generation facilities, etc. will be subject to the preferential trading negotiation right granted to
CSIF and the Asset Manager by the Sponsor in accordance with the Sponsor Support Agreement executed between CSIF, theAsset Manager and the Sponsor. In addition to said preferential trading negotiation right granted under the Sponsor Support
Agreement, CSIF and the Asset Manager have also acquired a preferential trading negotiation right in relation to the Silent
Partnership Equity Interest held by the Fund in accordance with an Agreement Concerning Granting of Preferential
Negotiation Right executed on March 30, 2021 between CSIF, the Asset Manager and Green Infrastructure Fund Pte. Ltd.,
which is the General Partner of the Fund. CSIF believes that establishment of the Fund will accelerate the development ofprojects by the Sponsor, thereby enhancing the sponsor pipeline and opening up further opportunities for CSIF.
(Note 1) The “Sponsor Group” collectively refer to (i) the Sponsor (Canadian Solar Projects K.K.), (ii) special purpose companies (they may behereinafter referred to as “SPCs”), partnerships or other funds with which the Sponsor has entered into the asset management service
agreement, (iii) Canadian Solar O&M Japan K.K. (it may be hereinafter referred to as “CSOM Japan”) and (iv) special purpose
companies, partnerships or other funds in which the Sponsor or its subsidiary own a majority interest. The same shall apply hereunder.
(Note 2) The “Canadian Solar Group” refers to the consolidated corporate group with Canadian Solar Inc. (headquartered in Canada) at the top towhich the Sponsor (Canadian Solar Projects K.K.) belongs.

- 11 -

(ii) Internal Growth Strategy
CSIF will contract out O&M (Note) to CSOM Japan, which is a wholly owned subsidiary of the Sponsor and provides
O&M services in Japan, in principle, for the availability of homogeneous O&M services to the extent that CSIF considers
essential. CSIF aims to thereby reduce the operational risk and operating costs by utilizing the services of CSOM Japan andplacing a blanket order, respectively.
By making the most of the strong operation and management abilities realized by utilizing the global monitoring platform of
the Sponsor Group in the early discovery and repair of failures of power generation facilities, CSIF will aim to reduce the lossof power generation. In addition, CSIF will implement the appropriate repair and facilities replacement of assets undermanagement to maintain and enhance the value of assets from the medium- to long-term perspective, thereby securing stablerevenue in the medium to long term.
In response to the output curtailment implemented by Kyushu Electric Power described in “b. Investment Environment”
under “I. Overview of the Fiscal Period under Review” above, CSIF performed construction for online output curtailment(output curtailment of photovoltaic power generation facilities with a remote output controller installed; the same will apply
below) of CS Mashiki-machi Power Plant, an asset in its portfolio. While CS Mashiki-machi Power Plant is subject to the 30day rule for output curtailment, the above construction in September 2020 required for online output curtailment allows a shift
from the previous all-day curtailment to hourly curtailment and reduction of a decrease in lease revenue caused by output
curtailment. In addition, curtailment within a day is counted as one day regardless of the duration, which allows the power
plant to respond to output curtailment during peak demand for electricity while complying with the 30-day rule. During the
fiscal period under review, further progress was made, with CS Minami Shimabara-shi Power Plant (East), CS Minami
Shimabara-shi Power Plant (West) CS Shibushicho Power Plant all shifting to online output curtailment. All photovoltaic
power plants in Kyushu, with the exception of CS Hiji-machi Dai-ni Power Plant, are expected to have shifted to online output
curtailment by the end of the next fiscal period (CS Hiji-machi Dai-ni Power Plant is expected to shift to online output
curtailment around spring 2023).
As part of its activities related to the Principles for Responsible Investment (UN PRI), the Asset Manager signed the UN
PRI on August 13, 2019, and established the Approach to the Principles for Responsible Investment at the end of December
2020 as the basic ESG policy of the Asset Manager. CSIF obtained the following evaluation from the Japan Credit Rating
Agency, Ltd. (JCR) regarding the green finance framework in order to apply for external certification and assessment for its
ESG.
Date of Evaluation
May 11, 2020

Evaluating Agency
Japan Credit Rating
Agency, Ltd.(JCR)

Evaluation
OverallGreenness (use of proceeds)
Management, Operation and Transparency

Green 1 (F)g 1 (F)
m 1 (F)(Note) “O&M” is an abbreviation of Operation & Maintenance. The same shall apply hereunder.
Starting from the fiscal period under review, CSIF has gradually concluded specified wholesale supplying agreements withrespect to its assets, concluding an agreement with Zero Watt Power Inc. for CS Izu-shi Power Plant, CS Ōgawara-machi
Power Plant. and CS Daisen-cho Power Plant (A.B) and an agreement with Minna-Denryoku, Inc. for CS Marumori-machi
Power Plant, thereby contributing to the sale of clean renewable energy produced at each power plant. CSIF plans to conclude
similar agreements for CS Mashiki-machi Power Plant and CS Hiji-machi Dai-ni Power Plant next fiscal period.
(iii) Financial Strategy
To secure stable revenue and ensure the growth of the managed assets of CSIF, CSIF will consider financing by public offering,borrowings and other means in the acquisition of new assets, while watching changes in the financing environment closely.
c Forecasts of Management Status
Forecast of management status for the fiscal period ending December 31, 2021 (July 1, 2021 to December 31, 2021), thefiscal period ending June 30, 2022 (January 1, 2022 to June 30, 2022) and the fiscal period ending December 31, 2022 (July 1,
2022 to December 31, 2022) is as follows. For details of the assumptions underlying the forecast of management status, pleaserefer to “Assumptions Underlying Forecast of Management Status for Fiscal Period Ending December 31, 2021 (July 1, 2021
to December 31, 2021), the fiscal period ending June 30, 2022 (January 1, 2022 to June 30, 2022) and the fiscal period ending
December 31, 2022 (July 1, 2022 to December 31, 2022) described on or after page xx below.

- 12 -

Fiscal period ending
Dec. 2021
Fiscal period ending
Jun. 2022
Fiscal period ending
Dec. 2022
III

Operatingrevenues

OperatingincomeOrdinary
incomeNet income

Distributions
per unit(excluding
distributions
in excess ofearnings)

million yen

million yen

million yen

million yen

yen

yen

yen

3,740

1,471

1,246

1,245

3,222

528

3,750

3,704

1,391

1,174

1,173

3,036

714

3,750

3,722

1,405

1,187

1,187

3,070

680

3,750

Facts arising after the settlement of accounts

Not applicable- 13 -

Distributions inexcess of
earnings per unit

Distributions
per unit(including
distributions inexcess of
earnings)

Assumptions Underlying Forecast of Management Status for Fiscal Period Ending December 31, 2021 (July 1, 2021 to December 31,2021), Fiscal Period Ending June 30, 2022 (January 1, 2022 to June 30, 2022) and Fiscal Period Ending December 31, 2022 (July 1,
2022 to December 31, 2022)
Item

Assumptions
・ 9th fiscal period :from July 1, 2021 to December 31, 2021 (184 days)

Calculation period

・ 10th fiscal period :from January 1, 2022 to June 30, 2022 (181 days)
・ 11th fiscal period :from July 1, 2022 to December 31, 2022 (184 days)
Assumption is that CSIF has 25 photovoltaic power generation facilities, etc. that CISF had at
the end of June 2021.(hereinafter referre to as the "Assets in Posession").
・ These forecasts are based on the assumption that there shall have been no changes in thecomposition of CSIF’s portfolio (such as acquisition of new assets and dispositions of Projects
Held, etc.) until the end of the 11th fiscal period, December 31, 2022.
・ CSIF’s portfolio may change, however, due to the acquisition of new assets other than the
Additional Projects or disposal of the Projects Held, among other cases.
・Portfolio・The lease agreements of the solar ebergy projects that CSIF intends to acquire will become
effective as of the acquisition date. CSIF’s leasing structure for its solar energy projects will becomprised of basic rent and variable rent as follows. Revenue forecasts for the 9th, 10th and11th fiscal periods are ¥3,740 million, ¥3,704 million and ¥3,722 million, respectively.
a) Basic rent for each solar energy project that CSIF intends to acquire is calculated asfollows:

Monthly projected energy output (P50) x (100-Y)% x 70% x FIT purchase price
Monthly projected energy output (P50) (Note 1) (Note 2) refers to such figure disclosed in thetechnical reports (an evaluation report of the system, the capacity, the relevant contracts attachedand continuity (performance degradation and environmental evaluation) of the solar energy
facility) that Canadian Solar Asset Management K.K., the asset manager of CSIF (the “AssetManager”) received from E&E Solutions Inc. Monthly projected energy output (P50) x (100-Y)% (Note 3) represents the amount after deduction of fees CSIF pays to the operators and fees
regarding management of the lessee.
b)Variable rents for each solar energy project that CSIF intends to acquire is calculated asfollows:

Monthly actual energy output x (100-Y) % x FIT purchase price – basic rent
Operating revenues

Any amount that exceeds the basic rent after multiplying a certain rate of (100-Y) % to themonthly actual energy output for each solar energy project by FIT purchase price will be
captured as a performance-related variable rent. In any case, if the calculation of the variable rent
is a negative number, it shall be deemed to be zero.
(*Note 1) Projected energy output (P50) represents the output that is viewed to be achievable with a 50%
probability by the third-party providers of the technical reports and other experts. The same applies
hereinafter.
(*Note 2) The calculation of the Acquired Projects during 8th period is based on the estimated monthly power
generation (P50) presented in the Technical Report, after deducting the rate of output curtailment fromthird party research firm.
(Note 3) Y represents the value for management costs of the lessees and operator remuneration fees. The value ofY will vary for Acquired Projects and Additional Projects.

・ Forecasted figures herein have been based on a projected energy output (P50) and are notguaranteed nor do they reflect the actual energy output, which will vary depending on the levelof solar irradiation.
・ CSIF has assumed no cancellations of the lease agreements or delinquencies or non-payment ofrents by lessees.
・ CSIF has assumed that the current lease agreements will be renewed on equal terms under these
agreements.

- 14 -

Item

Assumptions
Among the operating expenses of the Assets in Possession, operating expenses other thandepreciation costs have been accounted for based on past figures for Acquired Projects andfigures provided by each owner at the time of acquisition of Additional Projects and estimatesfrom subcontractors, etc., taking into account variables. Such costs for the 9th, 10th and 11th
fiscal periods are assumed to be ¥816million, ¥857million and ¥855million, respectively.
・ Of the expenses for the lease of the Assets in Possession, Property-related taxes are assumed tobe ¥4million, ¥5million and ¥6million for the 9th, 10th and 11th fiscal periods, respectively.
・ Periodic payment of repair and maintenance costs based on the figures provided in the technicalreports and the Asset Manager's estimate have been taken into account. However, these figures
are subject to revisions as the actual figures can vary significantly depending on the operating
period and are paid in irregular intervals, in addition to any instances where unexpected repairs
are required.
・ CSIF expects to pay be ¥225million, ¥225million and ¥225million for the 9th, 10th and 11th
fiscal periods, respectively, as O&M fees.
・ CSIF assumed it will incur expenses related to land lease in the amounts of ¥61million,¥61million and ¥61million for the 9th, 10th and 11th fiscal periods, respectively, in connection
with the Assets in Possession.
・ CSIF has assumed that it will incur depreciation expenses, including certain ancillary expensesof ¥1,453million, ¥1,454million and ¥1,462million for the 9th, 10th and 11th fiscal periods,
respectively. These figures are calculated using the straight-line method.
・ CSIF has assumed interest expenses, interests on investment corporation bonds and otherborrowing-related expenses of ¥225million, ¥217million and ¥217million for the 9th, 10th and11th fiscal periods, respectively.
・ CSIF’s balance of interest-bearing debt totals ¥43,376million (borrowings and investment
corporation bonds) as of today.
・ CSIF anticipates that its LTV (loan-to-value) ratio will be approximately 51.39%, 50.89%and
48.88% as of the end of for the 9th, 10th and 11th fiscal periods, respectively
・ CSIF calculates LTV using the following formula.
LTV = Total interest-bearing debt / Total assets × 100
・

Operating expenses

Non-operating expenses

Borrowings

Number of investment units

・ The assumption that CSIF uses is the total number of investment units issued and outstanding asof the dat of this document, which is 386,656 units.
・ CSIF has assumed that there will be no changes to the number of units issued and outstanding
resulting from the issuance of additional investment units, etc., until the end of the 11th fiscal
period ending December 30, 2022
・ Distributions per unit (excluding distributions in excess of earnings), distributions in excess ofearnings per unit and distributions per unit (including distributions in excess of earnings) havebeen calculated based on the assumption that the number of units issued and outstanding as ofthe end of each fiscal period will be 386,656 units.
・ Distributions per unit (excluding distributions in excess of earnings) are calculated based on theDistributions per unit
(excluding distributions inexcess of earnings)

Distributions in excess ofearnings per unit

cash distribution policy prescribed in CSIF’s Articles of Incorporation.
・ Changes in lessees, fluctuations in rental revenues due to changes in lease agreements,
fluctuations in energy output, unforeseeable repair and maintenance expenses incurred and otherfactors may lead to changes in the amount of distributions per unit (excluding distributions inexcess of earnings).
・ Distributions in excess of earnings per unit will generally be based on the cash distribution
policy prescribed in CSIF’s Articles of Incorporation and the Asset Manager’s asset
management guideline.
・ CSIF intends to make cash distributions to its unitholders for each fiscal period using cash flow
generated by the renewable energy projects (the “Free Cash Flow” or “FCF”) (Note 1). The
amount available for distribution shall be calculated by multiplying FCF less any amountpayable to debt investors (the “Net Cash Flow”, or “NCF”.CSIF will incorporate the total
amount of net cash flow remaining after deduction of distributions from the preceding fiscal
periods in calculating the net cash flow) (Note 2) with the applicable payout ratio, which will be
determined by CSIF at its discretion for each fiscal period. Further, CSIF intends to make
distributions in excess of earnings for each fiscal period in order to realize such policy.

- 15 -

Item

Assumptions
・ CSIF intends to maintain distributions per unit including distributions in excess of earnings in
the 9th fiscal periods around ¥3,750. Distributions in excess of earnings are assumed to be ¥528
in the 9th period. Distributions per unit including distributions in excess of earnings in the 10th
period and in the 11th period are also ¥3,750. Distributions in excess of earnings are assumed toDistributions in excess ofearnings per unit

be ¥714 in the 10th period and ¥680 in the 11th period. Distributions including distributions inexcess of earnings shall be calculated by multiplying anticipated NCF at the beginning of eachperiod with certain fixed ate.The rate is to be decided considering related anticipated NCF at the
begining of eash period,and is assumed to be 82.3% in the 9th fiscal period.
・ Taking the economic environment, market environment of renewable energy power plantbusiness and financial condition of CSIF, etc. into account, CSIF can choose not to make
distributions in excess of earnings in order to spend for repair and capital expenditure, repay theborrowings, apply to a new asset acquisition and acquire own investment units, etc.
・ Since distributions in excess of earnings accompany decrease of a cash position, the possibilityof shortages of a cash position and the financial restriction for a swift assets acquisition canoccur when CSIF needs to spend for capital expenditure more than estimated because of
unexpected events.
(*Note 1) Free Cash Flow (FCF): Rent revenues minus expenses related to rent business and capital expenditures related
to assets. Expenses related to rent business include all cash expenses related to operation, including payment ofasset management fees and administrative service fees, but exclude interest payments related to interest-bearing
debt or other financing-related expenses.
(*Note 2) Net cash flow (NCF) for the applicable period: Free Cash Flow minus interest payments related to interestbearing debt and repayments of interest-bearing debt for the relevant fiscal period plus total amount of net cash
flow remaining after deduction of distributions from the preceding fiscal periods.

Others・ CSIF has assumed that no revisions that will impact the above projections will be made to laws
and regulations, tax systems, accounting standards, securities listing regulations and the rules of
The Investment Trusts Association, Japan, among others.
・ CSIF has assumed that no unforeseeable significant changes will occur in general economic
trends or conditions in the solar energy facility market and the real estate market.

(2) Risk of Investment
Disclosure is omitted because there have been no significant changes from the description in the latest securities report(submitted on March 30, 2021 including subsequent amendments.)- 16 -

2. Financial Statement(1) Balance Sheet(Unit : thousand yen)
7th Period(December 31, 2020)
AssetsCurrent Assets
Cash and bank deposit
Operating accounts receivable
Account receivable
Prepaid expenses
Consumption taxes receivable
Other current assets
Total current assets
Fixed Assets
Property and equipment
Structures
Accumulated depreciation
Structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment ,net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
LandConstruction in progress
Structures in trust
Accumulated depreciation
Structures in trust, net
Machinery and equipment in trust
Accumulated depreciation
Machinery and equipment in trust, net
Tools, furniture and fixtures in trust
Accumulated depreciation
Tools, furniture and fixtures in trust, net
Land in trust
Total property and equipment
Intangible assets
Leasehold rights
SoftwareTotal intangible assets
Investments and other assets
Long-term prepaid expenses
Investment in capital
Deferred tax assets
Long-term bank deposit
Guarantee deposits
Total investment and other assets
Total fixed assets
Deferred Assets
Investment corporation bond issuance cost
Total deferred assets
Total assets
Liabilities
Current liabilities
Accounts payable – operating
Current portion of long-term loans payable
Accounts payable – otherAccrued expenses
Income taxes payable
Consumption tax payable
Deposits received
Total current liabilities
Non-current liabilities
Investment corporation bondLong-term loan payable
Total non-current liabilities
Total liabilities
Net assets
Unitholders' equity
Unit holders’ capital
Deduction from unitholders’ capital
Unitholders’ capital (net value)- 17 -

8th Period(June 30, 2021)

2,828,532
362,206
155,628
26,2412,130
3,374,740

4,611,954
1,006,913
75,459135,464
2,511,791
10,2008,351,783

1,043,042(106,526)
936,515*2 42,426,996(4,716,860)
37,710,136
590,418(66,933)
523,485
4,485,144
17,01733,071(341)
32,729776,471(8,017)
768,453
3,204
(33)
3,171
116,748
44,593,402

1,048,112(128,066)
920,046
42,436,866(5,589,346)
36,847,519
590,890(78,859)
512,0314,505,944
6,380
6,559,095(77,626)
6,481,469
20,260,404(281,261)
19,979,143
93,540(1,276)92,264
4,771,145
74,115,945

753,139
1,566
754,706

1,156,098
1,173
1,157,272

269,287
13
15,60037,790322,690
45,670,799

597,40210
12
15,60037,790650,81575,924,033

6,776
6,776
49,052,315

23,261
23,261
84,299,078

67,9106,517,867
109,145
102,519879
33,9483,085
6,835,355

79,8372,270,023
298,657
112,830860
23,95915,0902,801,259

1,100,000
19,524,374
20,624,374
27,459,730

4,900,000
36,206,482
41,106,482
43,907,741

22,050,175(1,174,155)
20,876,019

40,631,004(1,313,100)
39,317,904

Surplus
Unappropriated retained earnings(Accumulated deficit)
Total surplus
Total unitholders' equity
Total net assets
Total liabilities and net assets- 18 -

716,565

1,073,432

716,565
21,592,585*1 21,592,585
49,052,315

1,073,432
40,391,337*1 40,391,337
84,299,078

(2) Statement of Income(Unit: thousand yen)
7th period(from July 1, 2020
to December 31, 2020)
Operating revenues
Rental revenues of renewable energy power generation
facilities, etc.
Total operating revenues
Operating expenses
Rental expenses of renewable energy power generation
facilities, etc.
Asset management fee
Administrative service fees
Director’s compensation
Taxes and duties
Other operating expenses
Total operating expenses
Operating income or loss
Non-operating incomesInterest income
Dividends
Insurance income
Interest on refund
Other non-operating income
Total non-operating income
Non-operating expenses
Interest expenses
Interest on investment corporation bondAmortization of Investment corporation bond issuance
cost
Borrowing-related expenses
Investment unit issuance costs
Loss on retirement of non-current assets
Total non-operating expenses
Ordinary income
Income before income taxes
Income taxes - current
Income tax - deferred
Total income taxes
Net income
Retained earnings (deficit) brought forward
Unappropriated retained earnings (Accumulated deficit)

8th period(from January 1, 2021
to June 30, 2021)*1 2,413,625*1 3,425,186

2,413,625

3,425,186*1 1,409,487*1 1,781,479

61,062
18,9942,400
436
62,912
1,555,292
858,332

88,08623,4372,400
2,204
68,534
1,966,142
1,459,043

14
1,219*2 35,501
36,73535
079,27233*2 11,615
90,957111,324
3,937

147,299
16,782879

2,514

56,792

212,847
72,734
23,630475,809
1,074,191
1,074,191866
0
867
1,073,324
108
1,073,432

4,787
177,721717,346717,346881
2
883
716,462103
716,565- 19 -

(3) Statements of Changes in Unitholders’ Equity
7th Fiscal Period (From July 1, 2020 to December 31, 2020)(Unit: thousand yen)
Unitholders’ equity
Unitholders’ capital

Balance as of July 1,
2020

SurplusTotal
unitholders’equityTotal net
assetsUnitholders’capitalDeduction fromunitholders’capitalUnitholders’capital(net)

Capitalsurplus orloss

22,050,175(1,010,472)

21,039,702

691,823

691,823-(163,682)(163,682)--(163,682)(163,682)---(691,720)(691,720)(691,720)(691,720)---

716,462

716,462

716,462

716,462-(163,682)(163,682)

24,742

24,742(138,940)(138,940)*1 22,050,175(1,174,155)

20,876,019

716,565

716,565

21,592,585 21,592,585

Total
surplus21,731,525 21,731,525

Changes of items
during the period
Distribution inexcess of earnings
Dividend of
surplus
Net Income
Total changes of
items during theperiodBalance as ofDecember 31, 2020

8th Fiscal Period (From January 1, 2021 to June 30, 2021)(Unit: thousand yen)
Unitholders’ equity
Unitholders’ capital

Balance as ofJanuary 1, 2021

SurplusTotal
unitholders’equityTotal net
assetsUnitholders’capitalDeduction fromunitholders’capitalUnitholders’capital(net)

Capitalsurplus orloss

22,050,175(1,174,155)

20,876,019

716,565

716,565

21,592,585 21,592,585

18,580,829-

18,580,829--

18,580,829 18,580,829-(138,945)(138,945)--(138,945)(138,945)---(716,457)(716,457)(716,457)(716,457)---

1,073,324

1,073,324

1,073,324

1,073,324

18,580,829(138,945)

18,441,884

356,866

356,866

18,798,751 18,798,751*1 40,631,004(1,313,100)

39,317,904

1,073,432

1,073,432

40,391,337 40,391,337

Total
surplus

Changes of items
during the period
Issuance of new
investment units
Distribution inexcess of earnings
Dividend of
surplus
Net Income
Total changes of
items during theperiodBalance as of June30, 2021- 20 -

(4) Statements of Cash Distribution
Fiscal Period under Review(From July 1, 2020
to December 31, 2020)
Unit: Yen
I Unappropriated retained earnings(accumulated deficit)
II Distributions in excess of retained earnings
Deduction from unitholders’ capital
III Cash distributions(Cash distributions per unit)
Profit distributions(Profit distributions per unit)
Distributions in excess of retained
earnings(Distributions in excess of retained
earnings)
IV. Retained earnings (deficit) carried forward
Calculation method for cash distributions(Note)

Fiscal Period under Review(From January 1, 2021
to June 30, 2021)
Unit: Yen

716,565,873

1,073,432,803

138,945,190

357,270,144

855,403,000(3,700)716,457,810(3,099)138,945,190

1,430,627,200(3,700)1,073,357,056(2,776)357,270,144

(601)

(924)

108,063
75,747
In a c co r d an c e wi th Ar tic les 47 ,In a c cor danc e wi th Ar tic les 47,
Paragraph 1 of Canadian Solar Paragraph 1 of Canadian Solar
Infrastructure Fund, Inc. (“CSIF’) s Infrastructure Fund, Inc. (“CSIF’) s
Articles of Incorporation, the amount of Articles of Incorporation, the amount ofcash distributions shall be the amount of cash distributions shall be the amount of
profit in excess of an amount equivalent profit in excess of an amount equivalent
to 90% of distributable profits, as to 90% of distributable profits, as
stipulated in Article 67-15 of the Act on stipulated in Article 67-15 of the Act on
Special Measures Concerning Taxation. Special Measures Concerning Taxation.
Based on this policy, CSIF decided to Based on this policy, CSIF decided tomake distributions of ¥716,457,810 make distributions of ¥1,073,357,056
which is the entire amount equivalent to which is the entire amount equivalent tothe unappropriated retained earnings for the unappropriated retained earnings fort h e f i s c a l p e r i o d u n de r r e v i e w o f t h e f i s c a l pe r i od un de r r e v i e w o f¥716,565,873 excluding fractions of the ¥1,073,432,803 excluding fractions of
distribution per unit that are less than ¥1. the distribution per unit that are less than
CSIF distributes cash in excess of ¥1.
retained earnings every fiscal period
CSIF distributes cash in excess of
based on the cash distribution policy retained earnings every fiscal period
prescribed in Article 47, Paragraph 2 of based on the cash distribution policy
CSIF’s Articles of Incorporation. Based prescribed in Article 47, Paragraph 2 ofon this policy, CSIF decided to make CSIF’s Articles of Incorporation. Basedcash distributions in excess of earnings on this policy, CSIF decided to make(return of capital c ategorized a s a cash distributions in excess of earnings
distribution of the reduction in capital (return of capital c ategorized a s afor Japanese tax purposes) in the amount distribution of the reduction in capitalof ¥138,945,190 which is equivalent to for Japanese tax purposes) in the amount
15.2% of the amount of depreciation of ¥357,270,144 which is equivalent to
expenses recorded for the fiscal period 28.4% of the amount of depreciation
under review of ¥914,309,028.
expenses recorded for the fiscal period
Accordingly, the distribution per unit under review of ¥1,258,689,411.
is ¥3,700.
Accordingly, the distribution per unitis ¥3,700.

Distributions in excess of retained earnings per unit will generally be based on the cash distribution policy prescribed in
CSIF’s Articles of Incorporation and the Asset Manager’s asset management guideline.
CSIF intends to make cash distributions of NCF within the FCF generated from the renewable energy power generation
facilities. The amount available for distribution shall be calculated by multiplying NCF by the payout ratio.
Further, CSIF intends to make distributions in excess of retained earnings for each fiscal period in order to realize suchpolicy.
CSIF’s forecasts (including revised forecasts) for each fiscal period are based on the assumption of the Forecast Power
Generation (P50) provided in the independent technical report which is used as a basis for calculating rents for renewableenergy power generation facilities and if actual NCF calculated based on actual power generation during the applicable- 21 -

fiscal period exceeds forecast NCF, CSIF’s policy is to set “forecast NCF multiplied by the payout ratio” as the upper limitof the amount of cash distributions for the applicable fiscal period.

.

On the other hand, if actual NCF is less than forecast NCF, CSIF’s policy is to set “actual NCF multiplied by the payout
ratio” as the amount of cash distributions for the applicable fiscal period.
Based on this policy, CSIF decided to make distributions for the previous fiscal period of ¥855,403,000 which isequivalent to 89.0% of forecast NCF amount for the previous fiscal period under review of ¥960,272,000. Of this,¥138,945,190 which is the amount less of distributions of profit of ¥716,457,810 is distributions in excess of retained
earnings.
Based on this policy, CSIF decided to make distributions for the current fiscal period of ¥1,430,627,200 which isequivalent to 91.4% of forecast NCF amount for the current fiscal period under review of ¥1,564,321,798. Of this,¥357,270,144 which is the amount less of distributions of profit of ¥1,073,357,056 is distributions in excess of retained
earnings.

- 22 -

(5) Statement of Cash Flow(unit: thousand yen)
7th period(From July 1, 2020
to December 31, 2020)
Cash flows from operating activities
Income (Loss) before income taxes
Depreciation costs
Investment unit issuance costs
Amortization of investment corporation bond issuance
costs
Interest income and dividends
Interest expenses
Other non-operating income
Loss on retirement of non-current assets
Decrease (Increase) in operating accounts receivable
Decrease (Increase) in accounts receivable
Decrease (Increase) in consumption taxes receivable
Decrease (Increase) in consumption taxes payable
Decrease (Increase) in prepaid expenses
Decrease (Increase) in long-term prepaid expenses
Increase (Decrease) in operating accounts payable
Increase (Decrease) in accounts payable - other
Increase (Decrease) in accrued expenses
Other, net
Sub-totalInterest received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Deposit into fixed deposits
Purchases of property and equipment
Purchase of property and equipment
Purchase of intangible assets
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from investment corporation bond issuance
Payment of investment corporate bond issuance costs
Proceeds from issuance of investment units
Payment of investment units issuance costs
Dividends paid
Surplus earning distribution paid
Net cash provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the fiscal
periodCash and cash equivalents at the end of the fiscal period- 23 -

8th period(From January 1, 2021
to June 30, 2021)

717,346914,309-

1,074,191
1,258,689
72,734

879

2,514

(14)
115,261(35,501)
4,787
115,770(26,241)(169,743)(45,710)
15,137
37,95130,490(53,510)2,453
1,623,665
14(114,642)(925)
1,508,112(35)
164,082
23,630(644,706)(75,459)(2,468,252)(9,989)18,744(336,693)(12,894)
16,916(2,242)
3,935(914,834)
35(151,529)(885)(1,067,212)(7,800)-*1 (646,543)*1 (30,614,353)(654,343)(402,959)(10)(31,017,322)

1,000,000(789,671)(691,720)(163,682)(645,074)
208,694

19,300,000(6,865,735)
3,800,000(19,000)
18,580,829(72,734)(716,457)(138,945)
33,867,956
1,783,421

2,619,838

2,828,532*2 2,828,532*2 4,611,954

(6) NOTES ON GOING CONCERN PREMISE
Not applicable.
(7) [SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES]
1.Method of depreciation andamortization of non-current assets(1) Property and equipment
The straight-line method is adopted. In addition, the useful lives of major property
and equipment are as shown below:
Structures............................................... 22 - 25 years
Machinery and equipment..................... 22 - 25 years
Tools, furniture and fixtures.................. 22 - 25 years
Structures in trust .................................. 24 - 30 years
Machinery and equipment in trust......... 24 - 25 years
Tools, furniture and fixtures in trust...... 24 - 25 years(2) Intangible assets
The straight-line method is adopted. In addition, the useful life is as shown below:
Software................................................ 5 years(3) Long-term prepaid expenses
The straight-line method is adopted.

2. Method of amortization of deferredassets(1) Investment corporation bond issuance expenses
Amortized by the straight-line method over the life of the bonds.
(2) Investment units issuance expenses
Expensed as incurred.

3.Standards for revenue and expense
recognition

Accounting for fixed assets tax
With respect to fixed assets tax, city planning tax and depreciable assets tax, among
other taxes, on the infrastructure assets held, of the tax amount assessed and determined,
the amount corresponding to the calculation period is accounted as rental expenses. In
addition, reimbursement such as fixed assets tax, which is paid to the seller and otherpersons on the acquisition of infrastructure assets and other assets (“the amountequivalent to the fixed assets taxes and other taxes”) is not recognized as rental expenses
but included in the acquisition cost of the concerned infrastructure assets and otherassets. In the fiscal period under review, the amount equivalent to the fixed assets tax
and other taxes included in the acquisition cost of infrastructure assets and other assets is
140,493 thousand yen.

4.Scope of funds in statement of cash
flows

Funds (cash and cash equivalents) in statement of cash flows consist of cash on hand,demand deposits and short-term investments with a maturity of three months or less atthe date of acquisition that can readily be converted into cash and that are subject toinsignificant risks of changes in value.

5.Method of hedge accounting(1) Method of hedge accounting
Special treatment is adopted for the interest rate swap that meets the requirements for
special treatment.
(2) Hedging instruments and hedged items:
・Hedging instruments……Interest rate swap transaction
・Hedged items….Interest rate on loans(3) Policy for hedging
CSIF conducts derivative transactions to hedge risks as set forth in the CSIF’s Articles
of Incorporation according to the rules for risk management.
(4) Method of evaluation of effectiveness of hedging
The interest rate swap meets the requirements for special treatment, and thus theevaluation of effectiveness is omitted.

- 24 -

6.Other significant matters serving as(1) Accounting treatment with regard to trust beneficiary interest in real estate

the basis for preparation of financial

With regards to trust beneficial interest in equipment of renewable energy powerstatements

plants, all assets and liabilities within entrusted assets as well as all revenue andexpense items which occur to entrusted assets are recorded as the respective accounttitles on the balance sheet and statements of income. The following important accounttitles among the entrusted assets which are recorded as the respective account titles are
separately indicated on the balance sheet:
Structures in trust, Machinery and equipment in trust, Tools, furniture and fixtures intrust, Land in trust.
(2) Accounting for Consumption tax
Consumption tax and local consumption tax are excluded from the correspondingtransaction amount.

- 25 -

(8) Notes regarding financial statements[NOTES TO BALANCE SHEET]*1 Minimum net assets stipulated in Article 67, Paragraph 4 of the Act on Investment Trusts and Investment Corporations(Unit: thousand yen)
As ofDecember 31, 2020

As ofJune 30, 2021
50,00050,000*2. JPY amount of a decrease in acquisition price for machine and equipment of S-13 CS Mashiki-machi PV Power Plant(Unit: thousand yen)
As ofDecember 31, 2020

As ofJune 30, 2021
332,606-[NOTES TO STATEMENT OF INCOME]*1 Breakdown of profits and losses from the rental business of renewable energy power generation facilities, etc.
(Unit: thousand yen)
From July 1, 2020 to
December 31, 2020

From January 1, 2021 toJune 30, 2021

A. Operating revenue from the rental business of renewable energy power generation facilities, etc.
Rental revenue of renewable energy power generation
facilities, etc.
(Basic rent)(Variable rent linked to actual output)(Incidental income)
Total operating revenue from the rental business ofrenewable energy power generation facilities, etc.

1,698,289

2,369,477

715,325

1,055,618

11

89

2,413,625

3,425,186

B. Operating expenses from the rental business of renewable energy power generation facilities, etc.
Rental expenses of renewable energy power generation
facilities, etc.
(Management entrustment expenses)

191,463

228,743

8,585

17,289(Taxes and duties)

223,744

195,754(Utilities expenses)

-

3,505

(Insurance expenses)

24,676

20,478(Depreciation expenses)

913,915

1,258,296(Land rent)

46,502

52,686(Trust fees)

600

4,700

-

24

1,409,487

1,781,479

1,004,138

1,643,706(Repair and maintenance costs)(Other rental expenses)
Total operating expenses from the rental business ofrenewable energy power generation facilities, etc.
C. Profits and losses from the rental business of renewable energy
power generation facilities, etc. (A-B)- 26 -

*2 JPY Amount of reversal of accumulated depreciation corresponding to a decrease in acquisition price for S-13 CS Mashikimachi PV Power Plant(Unit: thousand yen)
As ofDecember 31, 2020

As ofJune 30, 2021
35,478-[NOTES TO STATEMENT OF CHANGES IN NET ASSETS]*1 Total number of authorized investment units and the total number of investment units issued and outstanding
From July 1, 2020 to
December 31, 2020
Total number of authorized investment
units

From January 1, 2021 toJune 30, 2021

10,000,000 units

10,000,000 units

231,190 units

386,656 units

Total number of investment units issued
and outstanding[NOTES TO STATEMENT OF CASH FLOWS]*1 Breakdown of purchases of property and equipment(Unit: thousand yen)
From July 1, 2020 to
December 31, 2020

From January 1, 2021 toJune 30, 2021

Consideration of property and equipment
purchased for the fiscal period ending(980,537)(30,614,353)(333,993)-(646,543)(30,614,353)

June 30, 2021
Refund of a part of consideration ofproperty and equipment purchased before
the previous fiscal period
Purchases of property and equipment*2 Relationship between the ending balance of cash and cash equivalents and the amounts on the balance sheet(Unit: thousand yen)
From July 1, 2020 to
December 31, 2020
Cash and deposits
Fixed term deposits exceeding 3 months
Cash and cash equivalents- 27 -

From January 1, 2021 toJune 30, 2021

2,828,532

4,611,954--

2,828,532

4,611,954

[NOTES ON LEASE TRANSACTIONS]
Operating lease (as the lessor)
Future minimum lease payments(Unit: thousand yen)
Fiscal period ended

Fiscal period ended

December 31, 2020

June 30, 2021

Within one year

3,367,129

5,225,472

Longer than one year

49,423,243

77,545,167

Total

52,790,373

82,770,639[NOTES ON FINANCIAL INSTRUMENTS]
1.Situation of financial instruments(1) Policy for financial instruments
CSIF procures funds for acquiring new assets or repaying loans through loans from financial institutions or issuinginvestment units. The basic policy is to build stable and sound financial operations to maintain and increase earnings in
the medium to long term and grow the size and value of assets.
(2) Details of the financial instruments and their risks and the risk management system
Long-term loans payables are one of the means to procure the funds for the acquisition of managed assets and are
exposed to interest rate fluctuation risk and liquidity risk, among other risks. However, this risk is deducted through theappropriate balancing of the loan period and the interest rate type, and diversification of lenders, and the appropriate
management of various types of indexes, especially the general application of the upper limit of the ratio of interestbearing, which is 60%.
(3) Supplementary explanation on fair value of financial instruments
The fair values of financial instruments are values based on market prices, or if there are no market prices, values arereasonably calculated. Since certain assumptions are used for the calculation of fair values, they may change if different
assumptions are used.
2. Matters relating to fair values of financial instruments
The table below shows the book value and fair values of financial instruments as of December 31, 2020, and thedifference between them. Financial instruments whose fair values are extremely difficult to estimate are not included in
the table.
(Unit: thousand yen)Book value(1) Cash and deposits

Fair value

Difference

2,828,532

2,828,532-(2) Operating accounts receivable362,206

362,206-(3) Long-term deposits

15,60015,600-3,206,339

3,206,339-

6,517,867

6,509,162(8,704)(5) Long-term loans payable

19,524,374

19,684,965

160,591(6) Investment corporation bond

1,100,000

1,088,120(11,880)

Total liabilities

27,142,241

27,280,052

140,006(7) Derivative transaction

-

-

-

Total assets(4) Current portion of long-term loans
payable(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Assets(1) Cash and deposits (2) Operating accounts receivable- 28 -

These financial instruments are settled in the short term, and their fair values are deemed to approximate their book value.
Therefore, the book values are used as the values.
(3) Long-term deposits
These financial instruments are fixed deposits and there is no significant fluctuation between estimated interest rates upon
new deposit and engaged rates of interest and their fair market values approximate their book values. Therefore, the bookvalues are used as the values.
(4) Current portion of long-term loans payable (5) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every
certain period is applied to loans, and thus the market value is considered to be close to the book value. Accordingly, thebook value is used. In addition, for the long-term loans payable at variable interest rates subject to the special treatment ofinterest rate swap (refer to the “Notes on derivative transactions” below), the fair value is measured by discounting the totalsum of the principal and interest treated together with the said interest rate swap as one at the interest rate that is applied
when the similar loan is obtained and that is reasonably estimated.
(6) Investment Corporation Bond
The fair value of investment corporation bonds is determined based on market prices(7) Derivative transaction
Please refer to the “Notes on derivative transactions” below.
The table below shows the book value and fair values of financial instruments as of June 30, 2021, and the difference
between them. Financial instruments whose fair values are extremely difficult to estimate are not included in the table.
(Unit: thousand yen)Book value

Fair value

Difference(1) Cash and deposits

4,611,954

4,611,954-(2) Operating accounts receivable

1,006,913

1,006,913-

15,60015,600-5,634,467

5,634,467-

2,270,023

2,271,482

1,459(5) Long-term loans payable

36,206,482

36,370,362

163,879(6) Investment corporation bond

4,900,000

4,889,550(10,450)

Total liabilities

43,376,505

43,531,378

154,889(7) Derivative transaction

-

-

-

(3) Long-term deposits
Total assets(4) Current portion of long-term loans
payable(Note 1) Methods used for estimating the fair values of financial instruments and matters related to derivative transactions
Assets(1) Cash and deposits (2) Operating accounts receivable
These financial instruments are settled in the short term, and their fair values are deemed to approximate their book value.
Therefore, the book values are used as the values.
(3) Long-term deposits
These financial instruments are fixed deposits and there is no significant fluctuation between estimated interest rates upon
new deposit and engaged rates of interest and their fair market values approximate their book values. Therefore, the bookvalues are used as the values.
(4) Current portion of long-term loans payable (5) Long-term loans payable
With respect to long-term loans payable at variable interest rates, the condition that the interest rates are renewed every
certain period is applied to loans, and thus the market value is considered to be close to the book value. Accordingly, thebook value is used. In addition, for the long-term loans payable at variable interest rates subject to the special treatment ofinterest rate swap (refer to the “Notes on derivative transactions” below), the fair value is measured by discounting the totalsum of the principal and interest treated together with the said interest rate swap as one at the interest rate that is applied
when the similar loan is obtained and that is reasonably estimated.
(6) Investment Corporation Bond
The fair value of investment corporation bonds is determined based on market prices(7) Derivative transaction
Please refer to the “Notes on derivative transactions” below.

- 29 -

(Note 2) Scheduled redemption amounts of monetary receivables after the closing date (December 31, 2020)(Unit: thousand yen)
Within one
year(1) Cash and deposits(2) Operating accounts receivable(3) Long-term deposits
Total

Longer than Longer than Longer than Longer than
one year,
two years, three years, four years, Longer than
within two within three within four within five
five years
years
years
years
years

2,828,532

-

-

-

-

-

362,206

-

-

-

-

-

-

15,600---3,190,739-

15,600---

Scheduled redemption amounts of monetary receivables after the closing date (June 30, 2021)(Unit: thousand yen)
Within one
year

Longer than Longer than Longer than Longer than
one year,
two years, three years, four years, Longer than
within two within three within four within five
five years
years
years
years
years

(1) Cash and deposits

4,611,954

-

-

-

-

-

(2) Operating accounts receivable

1,006,913

-

-

-

-

-

-

-

15,600---5,618,867-

15,600---(3) Long-term deposits
Total(Note 3) Scheduled redemption amount of loans payables after the closing date (December 31, 2020)(Unit: thousand yen)
Within one
year(4) Current portion of long-termloans payable

Longer than Longer than Longer than Longer than
one year,
two years, three years, four years, Longer than
within two within three within four within five
five years
years
years
years
years

6,517,867

-

-

-

-

-

(5) Long-term loans payable-

1,860,238

1,292,889

1,254,936

1,291,266

13,825,044(6) Investment corporation bond

-

-

-

1,100,000--

6,517,867

1,860,238

1,292,889

2,354,936

1,292,266

13,825,044

Total

Scheduled redemption amount of loans payables after the closing date (June 30, 2021)(Unit: thousand yen)
Within one
year(4) Current portion of long-termloans payable

Longer than Longer than Longer than Longer than
one year,
two years, three years, four years, Longer than
within two within three within four within five
five years
years
years
years
years

2,270,023

-

-

-

-

-

(5) Long-term loans payable-

4,561,543

2,267,295

2,206,896

2,301,459

24,869,286(6) Investment corporation bond

-

-

-

1,100,000

3,800,000-

2,270,023

4,561,543

2,267,295

3,306,896

6,101,459

24,869,286

Total- 30 -

[NOTES ON SECURITIES]
Prior fiscal period (as of December 31, 2020)
Not applicable.
Current fiscal period (as of June 30, 2021)
Not applicable.
[NOTES ON DERIVATIVE TRANSACTIONS]
1. Those to which hedge accounting is not applied
Prior fiscal period (as of December 31, 2020) and Current fiscal period (as of June 30, 2021)
Not applicable.
Prior fiscal period (as of December 31, 2020)(Unit: thousand yen)
Method ofhedge
accounting
Specialtreatment ofinterest rate
swap

Type of derivativetransactions and othermatters
Interest rate swap
transaction
Fixed
payment/variable
receipt

Major
items
hedgedContract amount and otheramounts
Longer than one
year

Fair value

Method ofcalculation ofsaid market
value(Note)-Longterm
loans

20,187,606

18,939,441

payable(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and thelong-term loans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (4) Current portion of longterm loans payable and (5) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among
other matters”

Current fiscal period (as of June 30, 2021)(Unit: thousand yen)
Method ofhedge
accounting
Specialtreatment ofinterest rate
swap

Type of derivativetransactions and othermatters
Interest rate swap
transaction
Fixed
payment/variable
receipt

Major
items
hedgedContract amount and otheramounts
Longer than one
year

Fair value

Method ofcalculation ofsaid market
value(Note)-Longterm
loans

36,176,505

33,906,482

payable(Note) Those that are subject to special treatment of interest rate swap are treated together with the current portion of long-term loans payable and thelong-term loans payable to be hedged as one, and thus their fair value is presented together with the fair value of (Note 1) (4) Current portion of longterm loans payable and (5) Long-term loans payable in “Notes on financial instruments 2.Matters relating to fair values of financial instruments, among
other matters”[NOTES ON RETIREMENT BENEFITS]
Prior fiscal period (as of December 31, 2020)
Not applicable.
Current fiscal period (as of June 30, 2021)
Not applicable.

- 31 -

[NOTES ON TAX EFFECT ACCOUNTING]
1. Breakdown of deferred tax assets and deferred tax liabilities by major cause(Unit: thousand yen)
Fiscal period ended
December 31, 2020
Accrued business tax not deductible from taxable

Fiscal period ended
June 30, 2021
13

12

Total deferred tax assets

13

12

Net amount of deferred tax assets

13

12

income2. Breakdown of each major item that causes a significant difference between the effective statutory tax rate and the rate of
the burden of corporate tax and other taxes after the application of tax effect accounting
Fiscal period ended
December 31, 2020
Effective statutory tax rate

Fiscal period ended
June 30, 2021

31.46%

31.46%(31.42)%(31.44)%

0.08%

0.06%

0.12%

0.08%

(Adjustment)
Dividends paid deductible for tax purpose
OthersRate of burden of corporate tax and other taxes after
the application of tax effect accounting[NOTES ON SHARE OF PROFIT (LOSS) OF ENTITIES ACCOUNTED FOR USING EQUITY METHOD, ETC.]
Prior fiscal period (from July 1, 2020 to December 31, 2020)
Not applicable.
Current fiscal period (from January 1, 2021 to June 30, 2021)
Not applicable.
[NOTES ON RELATED PARTY TRANSACTIONS]
Prior fiscal period (from July 1, 2020 to December 31, 2020)
Not applicable.
Current fiscal period (from January 1, 2021 to June 30, 2021)
Not applicable.
[NOTES ON ASSET RETIREMENT OBLIGATIONS]
Prior fiscal period (from July 1, 2020 to December 31, 2020)
Not applicable.
Current fiscal period (from January 1, 2021 to June 30, 2021)
Not applicable.

- 32 -

[NOTES ON INVESTMENT AND RENTAL PROPERTY]CSIF has renewable energy power generation facilities, etc. The book value, change during the period and fair value at the endof the period are as shown below.
(Unit: thousand yen)
Fiscal period ended
December 31, 2020

Fiscal period ended
June 30, 2021

Book value (Note 2)
Beginning balance

45,572,640

45,329,524(243,115)

29,936,139

45,329,524

75,265,664

48,890,000

79,037,000

Change during the period(Note 3)Ending balance
Fair value at the end of the period(Note 4)(Note 1) The real estate that CSIF holds is real estate to be provided for the use of renewable energy power generation facilities, and thus with respect to thebook value and the fair value, the amount of the renewable energy power generation facilities and real estate are stated together as one.
(Note 2) The book value is the amount at acquisition cost less the accumulated depreciation.
(Note 3) The change during the period ended December 31, 2020 primarily consisted of the increase due to acquisition of two photovoltaic power generation
facilities (929,496 thousand yen), and the decrease due to depreciation expenses (913,915 thousand yen). And the change during the period ended
June 30, 2021 primarily consisted of the increase due to acquisition of two photovoltaic power generation facilities (31,110,809 thousand yen), andthe decrease due to depreciation expenses (1,258,296 thousand yen).
(Note 4) The fair value is the total sum of the median amount that we calculated according to Article 41, paragraph 1 of the CSIF's Articles of Incorporationon the basis of the appraised value in the range stated in the valuation report with the date of the value opinion on December 31, 2020 and June 30,
2021, which was obtained from PricewaterhouseCoopers Sustainability LLC (for S-01 to S-18). And, the fair value is the total sum of the medianamount on the basis of the appraised value stated in the valuation report with the date of the value opinion on December 31, 2020 and June 30,
2021, which was obtained from Ernst & Young Transaction Advisory Services Co., Ltd. or Ernst & Young Strategy and Consulting Co., Ltd. (for S-19 to S-25). Please note that E&Y Transaction Advisory Services Co., Ltd. and Ernst & Young Advisory and Consulting Co., Ltd. have been
integrated and those were incorporated as E&Y Strategy and Consulting Co., Ltd. as of October 1, 2020.

In addition, profits and losses from the renewable energy power generation facilities, etc. for the fiscal period ended December
31, 2020 (the 7th period) and the fiscal period ended June 30, 2021 (the 8th period) are as stated in the “Notes to statement ofincome” above.
[NOTES ON SEGMENT INFORMATION]
1.Segment information
Since CSIF has a single segment of the rental business of infrastructure assets, the segment information is omitted.
2.Related Information
Prior fiscal period (from July 1, 2020 to December 31, 2020)(1) Information on products and services
Information is omitted because operating revenue from a single product/service to outside customers exceeds
90% of the operating revenue on the statement of income.
(2) Information on regions① Operating revenue
Information is omitted because operating revenue from outside customers in Japan exceeds 90% of theoperating revenue on the statement of income.
② Property and equipment
Information is omitted because the amount of property and equipment located in Japan exceeds 90% of the amount ofproperty and equipment on the balance sheet.

- 33 -

(3) Information on major customers(unit: thousand yen)
Name of customer

Total net revenue

Tida Power 01 G.K.

Name of related segment

2,395,335

CS Hokkaido Ishikari G.K.

13,862

CS Miyagi Kejonuma G.K.

4,416

Renewable energy power generation
facilities, etc. rental business
Renewable energy power generation
facilities, etc. rental business
Renewable energy power generation
facilities, etc. rental businessCurrent fiscal period (from January 1, 2021 to June 30, 2021)(1) Information on products and services
Information is omitted because operating revenue from a single product/service to outside customers exceeds
90% of the operating revenue on the statement of income.
(2) Information on regions① Operating revenue
Information is omitted because operating revenue from outside customers in Japan exceeds 90% of theoperating revenue on the statement of income.
② Property and equipment
Information is omitted because the amount of property and equipment located in Japan exceeds 90% of the amount ofproperty and equipment on the balance sheet.
(3) Information on major customers(unit: thousand yen)
Name of customer

Total net revenue

Name of related segment

Tida Power 01 G.K.

2,542,612

LOHAS ECE 2 G.K.

767,470

Tida Power 45 G.K.

115,013

Renewable energy power generation
facilities, etc. rental business
Renewable energy power generation
facilities, etc. rental business
Renewable energy power generation
facilities, etc. rental business[NOTES ON PER UNIT INFORMATION]
Prior fiscal period
From July 1, 2020
December 31, 2020

Current fiscal period
From January 1, 2021
June 30, 2021

Net assets per unit

93,397 yen

104,463 yen

Net income (Net loss) per unit

3,099 yen

3,234 yen

(Note 1) Net income (Net loss) per unit is calculated by dividing net income (net loss) by the average number of investment units during the period. In theprevious fiscal period, a loss was posted and there were no dilutive investment units, and thus diluted loss per unit is not stated. With respect todiluted profit per unit for the period under review, there are no dilutive investment units, and thus the statement is omitted.
(Note 2) The basis of calculation of net income (net loss) per unit is as follows.

- 34 -

Prior fiscal period
From July 1, 2020
December 31, 2020
Net income (Net loss) (Thousand yen)Amount not attributable to common unit holders(Thousand yen)
Net income (Net loss) attributable to Common unit
holders (Thousand yen)
Average number of investment units during the period(Units)[NOTES ON FACTS ARISING AFTER THE SETTLEMENT OF ACCOUNTS]
Not applicable.

- 35 -

Current fiscal period
From January 1, 2021
June 30, 2021

716,462

1,073,324--

716,462

1,073,324

231,190

331,820

(9) Change in the total number of investment units issued and outstanding
Change in the total number of investment units issued and outstanding and the total amount of unitholders' capital is as shown
below since the establishment of the CSIF.

Date

Event

Total number of investment units
issued and outstanding (units)
ChangeMay 18, 2017
October 27, 2017

Establishment upon
private placement
Capital increase by
public offering

Balance

Total amount of unitholders'
capital (Note 1) (million yen)
ChangeRemarks

Balance

1,500

1,500

150

150

(Note 2)

177,800

179,300

16,891

17,041(Note 3)2,890

182,190274

17,315(Note 4)

46,667

228,857

4,509

21,824(Note 5)-

228,857(147)

21,677(Note 6)2,333

231,190

225

21,902(Note 7)-

231,190(420)

21,482(Note 8)-231,190(133)

21,349(Note 9)-231,190(309)

21,039(Note 10)-231.190(163)

20,876(Note 11)

151,500

382,690

18,10638,982(Note 12)-382,690(138)

38,843(Note 13)

3,966

386,656474

39,317(Note 14)

Capital increase by
November 28, 2017

third-party
allotment

September 5, 2018

Capital increase by
public offering
Cash distribution in

September 14, 2018

excess of earnings(refund ofinvestment)
Capital increase by

October 4, 2018

third-party
allotment
Cash distribution in

March 14, 2019

excess of earnings(refund ofinvestment)
Cash distribution in

September 17, 2019

excess of earnings(refund ofinvestment)
Cash distribution in

March 17, 2020

excess of earnings(refund ofinvestment)
Cash distribution in

September 15, 2020

excess of earnings(refund ofinvestment)

March 5, 2021

Capital increase by
public offering
Cash distribution in

March 16, 2021

excess of earnings(refund ofinvestment)
Capital increase by

April 7, 2021

third-party
allotment(Note 1) The amount of deduction of total amount of unitholders’ capital is deducted.
(Note 2) In the establishment of the CSIF, the investment units were issued at an issue price of ¥100,000 per unit. The party who applied for subscriptionof investment units upon the establishment is Canadian Solar Projects K.K.
(Note 3) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥100,000 (issue value of ¥95,000) per unit.

- 36 -

(Note 4) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue value of ¥95,000 per unit for the purposeof appropriation to a part of the funds for acquisition of specified assets or part of repayment of borrowings.
(Note 5) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥102,180 (issue value of ¥96,625) per unit.
(Note 6) CSIF decided, at a meeting of its Board of Directors held on August 14, 2018, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥808 per unit for the second fiscal period (ended June 30, 2018), and began to pay it from September 14, 2018.
(Note 7) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue price of ¥96,625 per unit for the purpose of
appropriation to a part of the funds for acquisition of specified assets or a part of the funds for repayment of borrowings.
(Note 8) CSIF decided, at a meeting of its Board of Directors held on February 15, 2019, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥1,817 per unit for the third fiscal period (ended December 31, 2018), and began to pay it from March 14, 2019.
(Note 9) CSIF decided, at a meeting of its Board of Directors held on August 13, 2019, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥577 per unit for the fourth fiscal period (ended June 30, 2019), and began to pay it from September 14, 2019.
(Note 10) CSIF decided, at a meeting of its Board of Directors held on February 13, 2020, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥1,340 per unit for the fifth fiscal period (ended December 31, 2019), and began to pay it from March 17, 2020.
(Note 11) CSIF decided, at a meeting of its Board of Directors held on August 14, 2020, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥708 per unit for the sixth fiscal period (ended June 30, 2020), and began to pay it from September 15, 2020.
(Note 12) New investment units were issued by public offering for the purpose of raising funds for the acquisition of specified assets at an issue price of¥125,115 (issue value of ¥119,517) per unit.
(Note 13) CSIF decided, at a meeting of its Board of Directors held on February 17, 2021, to pay a cash distribution in excess of earnings (refund ofinvestment) in an amount of ¥601 per unit for the seventh fiscal period (ended December 31, 2020), and began to pay it from March 16, 2021.
(Note 14) New investment units were issued to Mizuho Securities Co., Ltd. by third-party allotment at an issue price of ¥119,517 per unit for the purposeof appropriation to a part of the funds for acquisition of specified assets or a part of the funds for repayment of borrowings.

- 37 -

3. Reference(1) Conditions of Investment(as of June 30, 2021)
Type of asset

Total Asset-UnderManagement (AUM)(‘000yen) (Note 2)

Region (Note 1)

Hokkaido/Tohoku% of total AUM(Note 3)

956,863

1.1

Kanto

2,243,053

2.7

Tokai

5,409,653

6.4

Chugoku/Shikoku

9,577,438

11.4

Kyushu20,092,588

23.8

38,279,597

45.4

Hokkaido/Tohoku

48,9700.1

Kanto

648,591

0.8

Tokai

63,3090.1

Chugoku/Shikoku

560,1960.7

3,184,875

3.8

4,505,944

5.3

Hokkaido/Tohoku

69,4170.1

Kanto

59,1970.1

Tokai331,596

0.4

3,415

0.0

692,4710.8

1,156,098

1.4

Hokkaido/Tohoku

3,504,543

4.2

Kyushu23,048,333

27.3

26,552,877

31.5

116,7480.1

4,654,397

5.5

4,771,145

5.7

Hokkaido/Tohoku

4,696,543

5.6

Kanto

2,950,842

3.5

Tokai

5,804,559

6.9

Chugoku/Shikoku

10,141,050

12.0

Kyushu51,672,667

61.3

75,265,664

89.3

Solar energy facility etc. total

75,265,664

89.3

Saving/other assets

9,033,414

10.7

Asset total (2)84,299,078

100.0

Solar energy facility

Subtotal

Land

KyushuSubtotal

Land lease

Chugoku/Shikoku
KyushuSubtotal
Solar energy facility in trust
Subtotal
Land in trust

Hokkaido/Tohoku
KyushuSubtotal

Solar energy facility etc.

Subtotal- 38 -

(Unit: thousand yen)

% of total AUM(Note 3)

Total liabilities

43,907,741

52.1

Total net assets

40,391,337

47.9(Note 1) “Hokkaido and Tohoku” denote Hokkaido, Aomori-ken, Iwate-ken, Akita-ken, Miyagi-ken, Fukushima-ken and Yamagata-ken. “Kanto”
denotes Ibaraki-ken, Tochigi-ken, Gunma-ken, Tokyo-to, Kanagawa-ken, Saitama-ken, Chiba-ken Yamanashi-ken, Nagano-ken and Niigata-ken. “Tokai” denotes Shizuoka-ken, Aichi-ken, Gifu-ken, Mie-ken, Toyama-ken, Ishikawa-ken and Fukui-ken. “Chugoku and Shikoku”
denote Okayama-ken, Hiroshima-ken, Yamaguchi-ken, Tottori-ken, Shimane-ken, Kagawa-ken, Kochi-ken, Tokushima-ken and Ehimeken. “Kyushu” denotes Fukuoka-ken, Oita-ken, Miyazaki-ken, Kagoshima-ken, Kumamoto-ken, Nagasaki-ken, Saga-ken and Okinawa-ken.
(Note 2) The amount posted on the balance sheet as of June 30, 2021.
(Note 3) The figures have been rounded to the first decimal place.

(2) Investment Assets①Investment Securities
Not Applicable②Investment Properties
Not Applicable- 39 -

③Major Investment Assets
a. summary information for the CSIF
The following table provides summary information for the CSIF current 21 solar energy projects as of June 30, 2021.

Asset #

S-01
S-02
S-03
S-04
S-05
S-06

S-07

S-08

S-09

Site Area(m2)

PPA purchaseprice(yen/kwh)

Category

Project nameLocation

Solar Plant

CS Shibushi-shi

Shibushi-shi,etc.

Power Plant

Kagoshima

Solar Plant

CS Isa-shi

etc.

Power Plant

Solar Plant

CS Kasama-shi

Kasama-shi,

42,666etc.

Power Plant

Ibaraki(Note 1)

Solar Plant

CS Isa-shi Dai-etc.

ni Power Plant

Isa-shi, Kagoshima

31,81836

Solar Plant

CS Yusui-cho

Aira-gun,etc.

Power Plant

Kagoshima

25,27436

Solar Plant

CS Isa-shi Dai-etc.

san Power Plant

40,73640

53,27540

30,24636

45,74040

Solar Plant
etc.

CS Kasama-shi
Dai-ni Power
Plant

Solar Plant

CS Hiji-machi

etc.

Power Plant

Solar Plant
etc.

CS Ashikitamachi Power
Plant

Isa-shi, Kagoshima

Isa-shi, Kagoshima
Kasama-shi,
IbarakiHayami-gun, Oita
Ashikita-gun,
Kumamoto

19,86140

22,22340
40

Certification
Date

FIT term end

February 26,

September 16,

2013

2034

February 26,
2013
January 25,
2013
October 2,
2013

June 8, 2035
June 25, 2035
June 28, 2035

March 14,

August 20,

2014

2035

February 26,

September 15,

2013

2035

January 25,

September 23,

2013

2035

July 16, 2013

October 12,
2035

February 26,

December 10,

2013

2035

February 26,

December 24,

2013 (East)

2035 (East)

February 26,

January 28,

2013 (West)2036 (West)

December 11,

December 06,

2014

2036

March 31,

March 02,

2014

2037

CS
Minamishimabar
S-10

Solar Plant
etc.

a-shi Power
Plant (East) / CS
Minamishimabar

Minamishimabarashi, Nagasaki

56,06640

a-shi Power
Plant (West)
S-11

S-12

S-13

S-14
S-15

S-16

Solar Plant
etc.

CS Minanomachi Power
Plant

Chichibu-gun,
Saitama

Solar Plant

CS Kannami-cho

Tagata-gun,etc.

Power Plant

Shizuoka

Solar Plant
etc.

CS Mashikimachi Power
Plant

44,90432

41,33936

Kamimashiki-gun,

638,552

Kumamoto(Note2)

Solar Plant

CS Koriyama-

Koriyama-shi,

30,376etc.

shi Power Plan

Fukushima(Note1)

Solar Plant

CS Tsuyama-shi

Tsuyama-shi,etc.

Power Plant

Okayama

Solar Plant

CS Ena-shi

etc.

Power Plant

36

32

31,05932

37,37332

Aza Ochise,
Kusumi, Osashima-cho, Ena-shi, Gifu

- 40 -

October 24,
2013

June 01, 2037

February 27,

September 15,

2015

2036

September
26, 2014

June 29, 2037

February 24,

September 12,

2015

2037

Asset #Category

Project name

Site Area(m2)

Location

PPA purchaseprice(yen/kwh)

Certification
Date

FIT term end

Aza Magoese,
Toyofusa, Daisen-

S-17

Solar Plant
etc.

CS Daisen-choPower Plant (A)and (B)cho, Saihaku-gun,February 22,

Tottori (A)452,760

Aza Kamikawara,(Note 3)40

Toyofusa, Daisen-2013 (A)August 9,

February 28,2037

2013 (B)cho, Saihaku-gun,Tottori (B)
S-18

S-19

S-20

S-21

Solar Plant

CS Takayama-etc.

shi Power Plant

Solar Plant
etc.
Solar Plant
etc.

Shingumachi,

Misato-machi,

machi Power

Kodama-gun,

Plant

Saitamamachi Power
Plant(Note 1)Gifu

CS Misato-

CS Marumori-

16,278

Takayama-shi,

25,315

Marumori-machi,

65,306

Igu-gun, Miyagi(Note 4)

Solar Plant

CS Izu-shi

Ono Aza Okubo,etc.

Power Plant

Izu-shi, Shizuoka

32

32

36

337,160

36

42,97724

Osaki-shi, Miyagi

26,051

21

Hayami-gun, Oita

1,582,422

40

123,72832

January 30,

October 09,

2015

2037

January 6,

March 26,

2015

2037

February 28,
2014

July 12, 2038

March 31,

November 29,

2014

2038

November 18,

July 15,

2016

2039

March 27,

July 21,

2018

2039

March 15,

October 30,

2013

2039

February 9,

March 19,

2015

2040

CS Ishikari
S-22

Solar Plant

Shinshinotsu-

Ishikari-gun,etc.

mura Power

Hokkaido

Plant
S-23

S-24

S-25

Solar Plant
etc.
Solar Plant
etc.
Solar Plant
etc.

CS Osaki-shi
Kejonuma
Power Plant
CS Hiji-machi
Dai-ni PowerPlant
CS Ogawaramachi Power
Plant

Shibata-gun,
Miyagi(Note 1) Site area for the portion of the solar energy plants land under ownership is shown and excludes the portion of the land where we hold an easement.
(Note 2) Site area for the portion of the solar energy plants and high-voltage land under ownership is shown and excludes the portion of the land where we holdan easement.
(Note 3) Site area for the portion of the solar energy plants and high-voltage land under superficies is shown and excludes the portion of the land where we holdan easement.
(Note 4) Site area for the portion of the solar energy plants and high-voltage land and access roads under superficies is shown and excludes the portion of the land
where we hold an easement.

- 41 -

Asset #

S-01

S-02

S-03

S-04

S-05

S-06

Project name

CS Shibushi-shi

Tida Power 01 Kyushu ElectricPower Plant

G.K

Power Co., Inc

CS Isa-shi Power

Tida Power01

Kyushu Electric

Plant

G.K.

Power Co., Inc

CS Kasama-shi

Tida Power01

Power Plant

G.K.

CS Isa-shi Dai-ni

Tida Power01

Kyushu ElectricPower Plant

G.K.

Power Co., Inc

CS Yusui-cho

Tida Power01

Kyushu ElectricPower Plant

G.K.

Power Co., Inc

CS Isa-shi Dai-

Tida Power01

Kyushu Electric

san Power Plant

G.K..

Power Co., Inc

CS Kasama-shi
S-07

Dai-ni Power
Plant

S-08

Tida Power01
G.K..

510

372

341

778

708

Tida Power01

Kyushu Electric

G.K..

Power Co., Inc

323

818
672

671

36
580
670

611

949

875

850

825

30
817
57

579

823

788
730
37

Incorporated

Power Co., Inc

320

485

232

Partner,

G.K.

139

950

TEPCO Energy

Power Plant

371

Fiscal period end
book value(million yen)
(Note 4)

718
907

Incorporated

Kyushu Electric

Plant

540

Appraisal value ofsolar plants(million yen)(Note 3)(upper : solar energy
facility)(lower : land)

20

Partner,

Tida Power01

machi Power

Fiscal period
end valuation(million yen)
(Note 2)TEPCO Energy

CS Hiji-machi

CS AshikitaS-09

Certified
Operator

AcquisitionPrice
PPA company(million yen)
(Note 1)

1,029

945

989

920

908
36

883

882
856
38

CS
Minamishimabar
a-shi Power Plant
S-10(East) / CS
Minamishimabar

1,579
Tida Power 01 Kyushu Electric
G.K.

1,733

Power Co., Inc

1,656

1,511
77

a-shi Power Plant(West)CS MinanoS-11

machi Power
Plant

S-12

Tida Power01

Power Plant

G.K..

S-15

TEPCO Energy

783

Partner,

1,018

1,039

Incorporated

474

Partner,

514

516

G.K.

Power Co., Inc.

CS Koriyama-shi

Tida Power01

Tohoku ElectricPower Plan

G.K..

Power Co., Inc.

CS Tsuyama-shi

Tida Power01

Power Plan

G.K..

501
41

Incorporated
Kyushu Electric

946
256

TEPCO Energy

Tida Power01

machi Power
Plan

S-14

G.K.

CS Kannami-cho

CS MashikiS-13

Tida Power01

16,66319,751

20,163

17,532
3,500

246

233

181

229

51

The Chugoku

578Electric Power

746

713

761
135

Co., Inc.
- 42 -

Asset #S-16

Project name

CS Ena-shi

Tida Power01

Power Plant

G.K..

CS Daisen-cho
S-17Power Plant (A)and (B)

S-18

S-19

G.K..
Tida Power01

shi Power Plant

G.K.

CS Misato-machi Tida Power01
Power Plant

machi Power
Plant

S-21

Tida Power01

CS Takayama-

CS MarumoriS-20

Certified
Operator

G.K.

Fiscal period
end valuation(million yen)
(Note 2)The Chubu
757

765

Co., Inc.
10,010

The Chubu

249
326

311

Co., Inc.

314

Partner,

470

433

758
850

775

G.K..

TEPCO Power

4,034

Grid,

4,569

4,271

Hokkaido
Tida Power01

Electric Powermura Power

G.K.

Network,

Plant

4,350
237

Incorporated

Shinshinotsu-

793
16

Inc.

Plant

455
119

Incorporated
TohokuCS Izu-shi Power Tida Power01

307
61

TEPCO Energy

Power Co.,

9,379
346

Electric Power

G.K.

644
9,664

10,447

Co., Inc.

Electric

Fiscal period end
book value(million yen)
(Note 4)37

The Chugoku
Electric PowerAppraisal value ofsolar plants(million yen)(Note 3)(upper : solar energy
facility)(lower : land)727

Electric Power

Tida Power01

CS Ishikari
S-22

AcquisitionPrice
PPA company(million yen)
(Note 1)

575
680

645

684
69

Incorporated
TohokuCS Osaki-shi
S-23

Kejonuma Power

Tida Power01
G.K.

Plant

157

Electric Power
Network

208

197

Incorporated

218
39

Company
S-24

CS Hij-machi Dai LOHAS ECE2
-ni Power Plant
CS Ogawara-

S-25

machi Power

G.K.

KyushuElectric Power

22,917
27,851

27,877

TohokuTida Power 45

Electric Power

G.K.

Network

Plant

2,698
2,745

2,744

2,769
45

Co.,Inc.
Total

28,004
4,960

Co., Inc

80,001

79,037

68,414
10,62275,265(Note 1) Acquisition price is based on acquisition price as described in the purchase agreements (excluding acquisition expenses related to the payment ofoutsourcing service fees, property-related taxes, taxes on depreciable assets, urban planning taxes, consumption taxes and other fees).
(Note 2) For S-01 to S-18, the fiscal period end valuation is the median amount that the Investment Corporation calculated in accordance with Article 41,
paragraph 1 of the CSIF's Articles of Incorporation based on the range of valuation provided to us by PricewaterhouseCoopers Sustainability LLC
and, for S-19 to S-25, the fiscal period end valuation is based on the median amount provided to us by E&Y Strategy and Consulting Co., Ltd. in its
project valuation report.
(Note 3) On the upper row of the appraisal value of solar plants, an assumed appraisal value of solar energy projects that is obtained by deducting the realestate appraisal value calculated by Daiwa Real Estate Appraisal Co., Ltd. from the appraised value at the end of the period in (Note 2) above isstated, and on the lower row, an amount stated in the real estate appraisal report prepared by Daiwa Real Estate Appraisal Co., Ltd. is stated. Realestate includes its superficies right.
(Note 4) Fiscal period end book value is the book value of solar energy.
(Note 5) The acquisition price of CS Mishiki Power Plant had reduced in the amount of 332 million yen on December 16, 2020, back from the signing dateof the Property Purchase Agreement.

- 43 -

b. Revenue and expenses of individual renewable energy power generation facilities
Eighth fiscal period (from January 1, 2021 to June 30, 2021)(Unit: thousand yen)
Asset number

S-01

S-02

S-03

S-04

S-05

Total portfolio

CS Shibushishi PowerPlant

2,369,477

18,536

14,16834,96829,21026,555

1,055,618

4,326

4,105

13,110

9,139

4,925

89

3

-

-

-

-

3,425,186

22,866

18,27348,07938,35031,480195,754

1,626

1,244

2,848

2,769

2,396

195,754

1,626

1,244

2,848

2,769

2,396

-

-

-

-

-

-

327,429

3,078

2,726

3,698

4,815

4,828

228,743

2,870

1,610

2,914

2,893

2,966

(Repair and maintenance costs)

17,289

-

144

426

-

289

(Utilities expenses)

3,505

-

-

-

-

-

(Insurance expenses)

20,478

207

173

357

330

308

(Land rent )52,686

-

797

-

1,590

1,263

(Trust fees)

4,700

-

-

-

-

-

24

-

-

-

-

-

Depreciation cost

1,258,296

9,486

7,837

14,462

16,457

14,269(Structures)

21,539

466

256

324

306

605

(Machinery and equipment)

872,486

8,978

7,563

14,104

16,10913,429(Tools, furniture and fixtures)

11,925

41

17

33

41

235

(Structures in trust)

77,284

-

-

-

-

-

(Machinery and equipment intrust)

273,816

-

-

-

-

-

1,242

-

-

-

-

-

1,781,479

14,191

11,80821,00924,042

21,494

1,643,706

8,675

6,465

27,06914,307

9,986

Project name

CS Isa-shi CS Kasama-shi CS Isa-shi Dai- CS Yusui-cho
Power Plant Power Plant ni Power Plant Power Plant

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Other rental cost)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 44 -

(Unit: thousand yen)
Asset number

S-06

S-07

S-08

S-09

S-10

CS Isa-shi Daisan Power Plant

CS Kasama-shi
Dai-ni Power
Plant

CS Hiji-machi
Power Plant

CS Ashikitamachi Power
Plant

CS
Minamishimabara-shi Power Plant(East) / CS
Minamishimabara-shi Power Plant(West)

35,332

34,54337,56435,39062,844

9,647

14,194

13,581

11,664

32,632

-

80

-

-

-

44,97948,81751,14647,054

95,476

3,323

3,161

3,798

3,559

6,244

3,323

3,161

3,798

3,559

6,244

-

-

-

-

-

5,583

5,621

6,221

6,001

10,536

3,185

2,878

4,185

3,900

5,515

(Repair and maintenance costs)

-

-

-

-

152

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

361

346

433

419

606

(Land rent )

2,036

2,396

1,602

1,681

4,260

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

19,861

17,60422,031

20,21635,333(Structures)

290

247

835

1,441

751

19,52017,314

21,12018,52334,333(Tools, furniture and fixtures)

51

42

75

252

248

(Structures in trust)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

28,767

26,38732,051

29,777

52,114

16,211

22,42919,095

17,27643,361

Project nameRental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Machinery and equipment)(Machinery and equipment intrust)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)- 45 -

(Unit: thousand yen)
Asset number
Project name

S-11

S-12

S-13

S-14

S-15

CS Minano-machi CS Kannami-cho CS Mashiki-machi CS Koriyama-shi CS Tsuyama-shi
Power Plant
Power Plant
Power Plan
Power Plan
Power Plan

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent

35,16019,446

657,875

8,003

24,053

11,831

10,093

313,693

4,148

12,364

-

-

-

-

-

46,99329,539971,569

12,152

36,417

3,330

1,785

70,993

1,007

3,020

3,330

1,785

70,993

1,007

3,020

-

-

-

-

-

4,234

3,696

80,396

940

3,706

3,814

1,809

70,219829

2,820(Repair and maintenance costs)

-

-

1,996

-

650

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

420

207

8,121

110

233

(Land rent )

-

1,678

58

-

3

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

16,211

9,662

338,234

4,191

13,084(Structures)

766

380

3,562

327

376

15,4459,226

326,769

3,864

12,403(Tools, furniture and fixtures)

-

55

7,902

-

304

(Structures in trust)

-

-

-

-

-

(Machinery and equipment intrust)

-

-

-

-

-

(Tools, furniture and fixtures intrust)

-

-

-

-

-

Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)

23,77615,144

489,624

6,138

19,811

Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)

23,217

14,395481,945

6,013

16,606

Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Machinery and equipment)- 46 -

(Unit: thousand yen)
Asset number
Project name

S-16

S-17

S-18

S-19

S-20

CS Daisen-cho
CS Ena-shi PowerCS Takayama-shi CS Misato-machi
Power Plant (A)
PlantPower Plant
Power Plant
and (B)CS Marumorimachi Power
Plant

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent

26,133324,605

10,963

15,22332,22812,678

261,534

5,009

7,134

15,833

-

-

-

5

-

38,812586,140

15,97322,36348,061

3,216

44,701

1,545

2,310

4,696

3,216

44,701

1,545

2,310

4,696

-

-

-

-

-

4,233

55,972

2,886

3,173

8,215

2,912

37,972

1,285

1,439

2,865

122

567

1,480

1,572

118

(Utilities expenses)

-

-

-

-

-

(Insurance expenses)

265

4,876

120

161

487

(Land rent )933

12,555

-

-

4,744

(Trust fees)

-

-

-

-

-

(Other rental cost)

-

-

-

-

-

Depreciation cost

14,510214,567

5,496

7,595

17,059(Structures)

589

4,905

344

176

503

13,823208,879

5,139

7,345

16,320(Tools, furniture and fixtures)

97

782

12

73

234

(Structures in trust)

-

-

-

-

-

(Machinery and equipment intrust)

-

-

-

-

-

(Tools, furniture and fixtures intrust)

-

-

-

-

-

Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)

21,960315,241

9,928

13,07929,971

Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)

16,851

270,898

6,044

9,283

18,090

Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Repair and maintenance costs)(Machinery and equipment)- 47 -

(Unit: thousand yen)
Asset number

S-21

S-22

S-23

S-24

S-25

Project nameCS Izu-shi
Power Plant

CS Ishikari
Shinshinotsumura Power
Plant

CS Osaki-shi
Kejonuma
Power Plant

CS Hiji-machi
Dai-niPower Plnt

CS Ogawaramachi
Power Plant

155,030

21,501

6,756

626,679

76,70095,230

5,871

3,764

140,790

38,313

-

-

-

-

-

250,260

27,373

10,520767,470

115,013

24,329

3,102

745

-

-

24,329

3,102

745

-

-

-

-

-

-

-

27,016

13,562

2,602

54,998

8,682

13,018

4,211

2,182

43,276

7,164

1,342

8,426

-

-

-

(Utilities expenses)

-

-

-

3,505

-

(Insurance expenses)

1,483

324

120

-

-

(Land rent )11,173

-

-

5,791

117

(Trust fees)

-

600

300

2,400

1,400

(Other rental cost)

-

-

-

24

-

Depreciation cost

87,776

12,493

3,600

301,767

34,482(Structures)

4,082

-

-

-

-

(Machinery and equipment)

82,271----(Tools, furniture and fixtures)

1,421

-

-

-

-

(Structures in trust)

-

361

300

72,436

4,186(Machinery and equipment intrust)-

12,091

3,276

228,681

29,766

-

40

23

649

529

139,122

29,158

6,948

356,765

43,165111,138(1,784)

3,571

410,704

71,848

Rental revenue of renewable energy
power generation facilities, etc.
Basic rent
Variable rent linked to actual
outputIncidental income
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal A)
Operating expenses from the rental
business of renewable energy power
generation facilities, etc.
Taxes and duties(Property-related taxes, etc.)(Other taxes)
Expenses(Management entrustment
expenses)(Repair and maintenance costs)(Tools, furniture and fixtures intrust)
Total operating revenue from therental business of renewable energy
power generation facilities, etc.
(subtotal B)
Profits and losses from the rental
business of renewable energy power
generation facilities, etc. (A-B)(Note) The operation days for the eighth fiscal period (ended June 30, 2021) are 181 days,while S-24 CS Hiji-machi Dai-ni Power Plant and S-25 CS
Ogawara-machi Power Plant were purchased on March 8, 2021 and so those operation days are 115days.

- 48 -

(3) Plan for capital expenditure
The following table shows projected major capital expenditures for renewable energy power generation facilities, etc. owned by
CSIF after December 2021. Some portion of the amount are to be treated as expenses for accounting purpose.
Projected amount (million yen)
Name ofinfrastructure
assets, etc.
CS Hiji-machi

Location

Purpose

Projected period

Hayami-gun,

Remodeling work for From June 2021

Oita

online curtailment

To March 2022

Shinshinotsu-

Ishikari-gun,

Module installation

From June 2021

mura Power

Hokkaido

work

To July 2022

CS Hiji-machi

Hayami-gun,

Remodeling work forPower Plant

Oita

online curtailment

Dai-ni Power
Plant

Total amountAmount paid
during the
fiscal period
under review

Amount paidby prior period

32

11

11

36

23

23

6

6

6

CS Ishikari

Plant
From June 2021
To September
2021(4) Capital expenditure during the fiscal period
The following table shows capital expenditures for renewable energy power generation facilities, etc. owned by CSIF during the
fiscal period under review.
Name of infrastructure assets, etc.
(Location)

Purpose

Implementation period

CS Shibushi-shi Power Plant

Remodeling work for online

From May 12, 2021

(Shibushi-shi, Kagoshima)

curtailment

To June 22, 2021

CS Minamishimabara-shi Power Plant(East) / CS Minamishimabara-shi Power
Plant (West)(Minamishimabara-shi, Nagasaki)
CS Kannami-cho Power Plant(Tagata-gun, Shizuoka)
CS Mashiki-machi Power Plant(Kami mashiki-gun, Kumamoto)
CS Tsuyama-shi Power Plant(Tsuyama-shi, Okayama)

Handling work for updated
monitoring system forcurtailment
Slope repair work
Drainage pavement construction

From January 18, 2021
To February 25, 2021
From September 5, 2021
To January 19, 2021
From April 15, 2021
To May 25, 2021

Landslide countermeasure

From June 1, 2021

construction

To June 30, 2021

Other power plants

Amount paid
(thousand yen)
1,397

7,000

49,4452,933
20,80025,681

Total- 49 -

107,256